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Silver Forecast: Pressured as Jobs Send Prices Falling

  • Silver has absolutely plummeted during the trading session on Friday.
  • As we have seen jobs numbers coming out hotter than anticipated in the United States.
  • That has people betting that the federal reserve is going to keep monetary policy tight.

If that's the case, it makes a certain amount of sense that you would see a lot of traders running towards paper instead of metals. After all, if you can pick up a nice return from a bond, there's no point in wasting your time with something that's a bit more volatile. That being said, silver continues to be a very bullish and positive market, despite the fact that we have seen such a huge drop.

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    Areas of Support

    Underneath us we have several areas that could offer support, the least of which would be the 50-day EMA, which sits just above the crucial $28.50 level. The $30 level above is a bit of a marker for momentum, and if we can break above that level, then I think you have buyers jumping into trying to send this market to the $32 level. In general, this continues to be a very noisy market. And therefore, you have to be cautious with your position sizing. Keep in mind that silver is notoriously volatile. And with that, you always have to be cautious about putting too much money into the market in one shot. All things being equal though, this is a momentum driven market most of the time. So, it'll be interesting to see if we can find some type of support between here and $28.50 to turn things around.

    Silver Forecast Today 10/6: Jobs Send Prices Falling (graph)

    All things being equal, you need to be cautious with the silver market due to the fact that it is so volatile, and you can lose a lot of money rather quickly, as the markets will continue to see a lot of questions about interest rates, and of course whether or not we have a lot of geopolitical concerns out there. In other words, there are so many moving pieces at the moment that it’s going to be very difficult to get a grip on this market easily. That being said, there are plenty of buyers out there still waiting to get involved so I still believe that we could rally.

    Ready to trade our daily forex analysis and predictions? Here are the best Silver trading brokers to choose from. 

     

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    Christopher Lewis
    About Christopher Lewis

    Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.

     

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