Silver price is still within the week-long horizontal channel as investors focus on the nonfarm payrolls. Analysts have predicted a reading of 750,000, which is lower than the prior month’s 943,000. As for the unemployment rate, the forecasted 5.2% is lower than July’s 5.4%.
Positive will continue to exert pressure on the US dollar while acting as a bullish catalyst for precious metals. At the time of writing, the dollar index was trading at a month’s low. After its plunge last Friday, it has remained below the crucial level of $93.
Silver price technical outlook
Silver price remains within a tight range as has been the case for a week now. During this timeframe, it has been trading within a horizontal channel with the upper and lower borders at 24.25 and 23.75 respectively.
At the time of writing, the precious metal was up by 0.15% at 23.94. On a two-hour chart, it is trading slightly below the 25 and 50-day exponential moving averages.
Even with the range-bound trading, I remain bullish on the metal. In the immediate term, it will likely hover around the crucial level of 24 as investors await further cues from NFP data.
Lower-than-expected figures may push silver price past the horizontal channel’s upper border to the next target at 24.50. On the flip side, positive numbers may have the bears retest last Friday’s low of 23.35.