The near-term technical postures for both metals are also bullish and getting more so, which continues to invite the shorter-term futures traders on board the long side.
The jobs report has at least temporarily thrown cold water on notions the Federal Reserve may be forced to raise interest rates much sooner than many expected and that the U.S.
Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,775.00.
Silver bulls’ next upside price objective is closing prices above solid technical resistance at $28.475 an ounce.
Prices closed nearer the session low today and saw some profit taking after hitting a contract and nearly 10-year high of 488.80 cents early on today.