Investors will be treated to a host of employment releases this week, which are important gauges of the health of the U.S. economy and could affect silver prices. Later on Wednesday, we’ll get a look at the ADP nonfarm payrolls, which dropped to 67 thousand in November. Analysts are expecting a strong turnaround in the December release, with an estimate of 160 thousand. On Friday, the U.S. releases official nonfarm payrolls, which is forecast to fall to 150 thousand, down from 266 thousand a month earlier. Wage growth is expected to rise to 0.3%, up from 0.2% in November.
Silver Technical Analysis
The forecast for silver remains positive. Silver has managed to climb some distance from the 18.00 level, although this line certainly remains relevant and is providing support. Below, we find support at 17.50, followed closely by the 50-EMA line at 17.44. On the upside, silver tested resistance at 18.60 in the Asian session. Above, we find resistance at the round number of 19.00.