Release of Non-Farm Payroll Data May Boost Silver

Silver continues its consolidation since last year’s September high. Near term support comes in at $28.30 with trend line support around $27.50. On Friday, March 8, 2013, there will be the release of the non-farm payrolls which will help provide further clarification on the direction of the economy. The unemployment rate has been holding around 7.9% since last October. An increase in that number or worse than expected numbers could see Silver rally back to the $30 level quickly. If this trend line can hold these levels based on past Fibonacci retracements you can look for a move back to the 50% retracement, which would bring the prices back to $31.55 in short order.