Silver Prices Set For Weekly Gain As Focus Shifts To U.S Jobs Data – What’s Next?

After having more than doubled the size of its balance sheet to $8.5 trillion since the start of the pandemic – the Fed announced on Wednesday that it plans to wind down quantitative easing program in November with a goal to end QE entirely by mid-2022.

However, the central bank stuck to its long-held view that high inflation would prove “transitory” and likely not require a fast rise in interest rates.

Elsewhere, The Bank of England also kept interest rates on hold this week, adding further bullish momentum to Silver prices.

Looking ahead, traders attention has now shifted to Friday’s U.S Non-Farm Payrolls report to gauge the health of the labor market and how that might influence the Fed’s outlook on rates.

Ahead of Friday’s highly antipated jobs data, the ADP National Employment Report on Wednesday showed that private payrolls increased by 571,000 jobs last month.

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

For a look at all of today’s economic events, check out our economic calendar.