Silver Continues Winning Streak After the NFP Release

FXOpen

The price of Silver rose on Monday during the Asian session, increasing the white metal value to more than $14.50 following the release of Nonfarm Payrolls last week. The technical bias however remains bearish because of a Lower Low in the recent downside move.

Technical Analysis

As of this writing, the precious metal is being traded around $14.555. A hurdle can be noted near $14.77, the 38.2% fib level ahead of $15.07, the 50% fib level and then $16.31, the swing high of the last major upside rally as demonstrated in the following daily chart.

Silver Continues Winning Streak After the NFP Release

On the downside, the white metal is likely to find a support around $14.41, the 23.6% fib level ahead of $14.00, the psychological number and then $13.82, the swing low of the last major downside move. The technical bias will remain bearish as long as the $16.31 resistance area is intact.

Nonfarm Payrolls

The U.S. economy generated a solid 211,000 jobs in November, a number that topped expectations and may have turned the final key for the Federal Reserve to hike interest rates later this month. In a much-anticipated report, the Bureau of Labor Statistics said nonfarm payroll growth continued to build on the momentum from October. Wall Street has been watching the employment picture closely for clues as to whether the Federal Open Market Committee and Chair Janet Yellen will sign off on the first rate increase in 9½ years. Fed fund futures were pricing in a 79 percent chance of a rate increase when the FOMC meets Dec. 15-16. The level was little changed from Thursday.

Trade Idea

Considering the overall technical and fundamental outlook, buying the precious metal around current levels appears to be a good strategy in short to medium term.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Forex Trading with FXOpen

Forex Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 50 markets
  • Trade with spreads from 0.0 pips
  • Take advantage of commissions from $1.50/lot
Learn more

Latest articles

Gold Price Plunges After Climbing to $3,500 for the First Time
Commodities

Gold Price Plunges After Climbing to $3,500 for the First Time

As the XAU/USD chart shows:
→ Yesterday, the spot gold price stopped just a few cents short of the key psychological level of $3,500 (and even exceeded it on the futures market);
→ But this morning, an ounce is trading

Alphabet (GOOGL) Shares Hover Near Psychological Level Ahead of Earnings Report
Shares

Alphabet (GOOGL) Shares Hover Near Psychological Level Ahead of Earnings Report

On 31 March, we noted that bearish sentiment could push Alphabet’s (GOOGL) share price towards the psychological level of $150. As the current price chart suggests, GOOGL is now trading close to that very level.

Moreover, the price is

Market Volatility Continues to Rise
Forex Analysis

Market Volatility Continues to Rise

Amid global economic instability and escalating tariff tensions, the EUR/USD and GBP/USD currency pairs are showing strong growth. Following statements by Donald Trump regarding the potential dismissal of Federal Reserve Chair Jerome Powell, pressure on the US dollar

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.