Forex Marketz Daily Forex News – Fully Markets Update
Looking at the spot silver futures contract on the above hourly MT 4 chart, the spot contract has fallen to about $23.70 per ounce during the early Asian trade session on Friday. This is extending the decline from the high price point at $24.16 per ounce. There is also a symmetrical triangle forming on the hourly chart that traders need to note.
All eyes, as far as economic data is concerned, will be on the United States today as they are publishing key labor data. The U.S. Labor Department will publish their September non-farm payroll (NFP) report. This labor data also includes the monthly unemployment rate, labor participation rate and average hourly earnings change, also month to month. The University of Michigan will publish their monthly consumer expectations gauge.
The economic calendars for the United Kingdom and Canada are quiet today with no key releases. The European Union, Eurozone, will release their monthly core and headline consumer price index (CPI) for September. Spain is publishing their monthly employment change and Germany will release their monthly BUBA report.
Daily Spot Silver Technical Analysis
Looking at the above silver price action chart, the relative strength index (RSI) is still trending lower which indicates further weakness for the spot silver futures contract. With that said the two hundred (200) hourly moving average (HMA) lining up a $23.50 per ounce is the first downside barrier to monitor.
The next layer of technical support lines up at the triangle bottom in play at $23.40 per ounce. The next downside barrier lines up at the 24 September high price point at $23.35 per ounce with $23.35 then coming into play.
On the upside the first layer of technical support lines up at the key $24 per ounce level with $24.15 per ounce just above. A sustained close above these levels opens the door to challenge $24.45 per ounce. The next upside barrier lines up at $25.10 per ounce.
