Silver is under downside pressure in anticipation for a stronger employment report today. We will base our strategy today on the outcome of the report.
Support: 19.30, 19.00, 18.50, 18.30, 20.15
Resistance: 20.80, 21.40, 22.00, 22.25, 22.50
Recommendation Scenario
1: If Non-farm Employment change: at or above 165,000 and Unemployment Rate at 7.5 or below Short Silver targeting 19.00, 18.50 and 18.00. Scenario.
2: If Non-farm Employment change: below 160,000 and Unemployment Rate at 7.6 or above. Long Silver targeting 20.10,20.75 and 21.50 We prefer to avoid any other scenario as it will be a mixed number and may cause sharp volatility.