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. 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. The symbolic level 18.00 remains relevant and is currently an immediate support line. Below, we find support at 17.50, followed closely by the 50-EMA line at 17.37. On the upside, there is resistance at 18.60.