FXEMPIRE
All

Silver Calm Ahead of U.S. Nonfarm Payrolls

Silver prices are flat on Friday. However, we could see some movement later in the day, as the U.S. releases Nonfarm payrolls and wage growth at 15:30 GMT.
Kenny Fisher

Silver is trading sideways for a second successive day. In the European session, silver is trading at $16.91, down $0.04 or 0.32% on the day.

Trade Talks Triggers Silver Volatility

Silver prices have shown some strong swings this week, with a gain of 1.5% on Tuesday, which was quickly erased the next day. These moves were the strongest we’ve seen in almost a month, and were triggered by comments from U.S. President Trump about the U.S-China trade talks. Silver jumped on Tuesday after Trump suggested that a trade agreement with China might have to wait until after the U.S. election in 2020. However, Trump kept the markets jumping, after saying on Wednesday that the discussions with China were “going very well”. Aside from Trump’s comments on Wednesday, Bloomberg reported that the two sides have made progress on the question of eliminating tariffs. With precious metals sensitive to the extent of progress of the talks, traders can expect more volatility from silver as there are further developments in the negotiations.

Will U.S. Job Data Shake Up Silver?

The U.S. releases key employment data later on Friday, which could trigger some movement in the markets. Analysts are expecting strong numbers, which could boost investor confidence and weigh on silver prices. Nonfarm payrolls are projected to increase sharply to 181 thousand, compared to 128 thousand in the previous release. As well, wage growth is expected to rise from 0.2% to 0.3%. The UoM Consumer Sentiment index is also expected to climb to 97.0, up from 95.7 pts.

Silver Technical Analysis

With silver showing little movement, 17.25 remains an immediate resistance line. Note that the 50-EMA is also at this level. Above, there is resistance at 17.75. On the downside, the 200-EMA is at 16.72, slightly support at 16.50. Below, there is support at the round number of 16.00, which has psychological significance. I monitoring the 200-EMA and 50-EMA lines, which could be headed for a crossover. If the 200-EMA does break above the 50-EMA, this would be a bearish signal for silver.

XAGUSD 1-Day Chart
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US