Forex Marketz Daily Forex News – Fully Markets Update
Looking at the spot silver futures contract on the above four (4) hour MT 4 price action chart, the white metal has broken above a short term resistance line, which is now a downside barrier.
Price action is now looking to challenge the weekly high price point in play at $25.10 per ounce.
Financial market traders and other participants should note that trade volume will be light during the North American and European trade hours due to the Good Friday holiday.
The European Union, the United Kingdom and Canada have no data releases. The financial markets in the European Union, the United Kingdom, Canada and the United States are all closed for Good Friday. Bond markets close at noon EST.
However, the monthly U.S. non-farm payroll report (NFP) will be released by the Labor Department. Median forecasts are calling for the United States to have added 647,000 new jobs in March.
The unemployment rate is expected move a tad lower to six percent from February’s 6.2 percent. Average hourly earnings are expected to rise by 0.2 percent same as February. The key labor metric to watch will be the labor participation rate.
Daily Spot Silver Technical Analysis
The spot silver contract looks to be favoring the buyers as we enter Friday’s trade session. The technical indicators are normal and not signaling overbought conditions.
Spot silver sees a horizontal barrier, noted on the above chart in play since 12 March. There is also a five week old falling trend line. These upside barrier come into play at $25.40 and $25.55 per ounce, respectively.
A daily close above 25.55 opens the door to challenge the key round number at $26 per ounce before the 18 March high price point at $26.55 per ounce.
Immediate technical support lines up at a former upside barrier in play at $24.30. The next downside barrier lines up at $24 per ounce with the March low price point at $23.75 then coming into focus.
