Silver Price Forecast: $60 Support In Focus Ahead Of NFP

• The silver market remains noisy overall, as the interest rate situation continues to be a massive factor.

• With Non-Farm Payrolls on Friday, the market waits.

The silver market has been slightly positive during most of the U.S. trading session, but it is still a bit hesitant to continue to the upside. Ultimately, this is a market that I think will continue to open up the possibility of big moves in the short term, as interest rates are just all over the place. Those interest rates being all over the place, of course, have a major influence on silver. There are a lot of concerns now about energy inflation, adding more fuel to the fire. We have the jobs number coming out on Friday in the United States, which will obviously have an influence on the way bonds behave.

Support below

There is a little bit of noise around the $60 level here in the futures market. So, all things put together, this is a market that I think continues to be very noisy. That being said, it is worth noting that there is a little bit of noise around the $60 level here in the futures market. So watch that. If we were to bounce from there, then we could open up the possibility of a rally.

Again, though, between now and the jobs report tomorrow, I think it is very difficult to get aggressive here. I do like silver longer term, but there is a major headwind in the form of bond rates. If they start falling, silver is probably one of the first places I will be looking to put money to work, perhaps for a run to the 50-day EMA, maybe a longer-term buy-and-hold if it is something that is going to tilt the attitude of the Federal Reserve.

We will just have to wait and see. If we drop down below $60, the next major support level is probably closer to $55.