Silver Price Forecast: XAG/USD jumps to near $51.00 amid uncertainty after the shutdown ends

• Silver price recovers to around $51.00 in Monday's Asian session. 
• The release of the US September Nonfarm Payrolls will be in the spotlight on Thursday. 
• The hawkish Fed's comments might cap the upside for the Silver price. 

Silver price (XAG/USD) trades in positive territory near $51.00 during the Asian trading hours on Monday. The white metal edges higher amid uncertainty following the end of the US government's shutdown. Federal Reserve officials are set to speak later on Monday, including John Williams, Philip Jefferson, Neel Kashkari and Christopher Waller.

Markets are bracing for a flood of delayed economic reports that could signal a slowing US economy. The US Nonfarm Payrolls (NFP) will take center stage later on Thursday. This report could offer clarity to the Fed rate outlook in December. Any signs of weakness in the US labor market could drag the US Dollar (USD) lower and underpin the USD-denominated commodity price. 

"I think the risk is definitely skewed to a weaker payrolls print, and that would just reignite market expectations about a December FOMC rate cut and send the U.S. dollar down," said Carol Kong, a currency strategist at Commonwealth Bank of Australia (CBA).

On the other hand, hawkish remarks from Fed policymakers ahead of a deluge of US economic data spooked traders and could weigh on the white metal. Kansas City Fed President Jeffery Schmid said on Friday that monetary policy should lean against demand growth, adding that current Fed policy is "modestly restrictive," which he believes is appropriate. 

Markets are now pricing in nearly a 40% possibility of a 25 basis points (bps) rate cut in the Fed's December meeting, down from over 60% earlier this month, according to the CME FedWatch tool.