We are bearish as the price trend remains bearish and yesterday’s batch of U.S. data raised the likelihood of a Fed rate hike.
In particular we are looking at U.S. Non-Manufacturing which printed 51.1 vs. This indicator is not necessarily good at pinpointing the exact outcome of Friday’s NFP, but it does suggest the U.S. labor market is doing well.
Today’s key data is Jobless Claims along with U.S. Unit Labour Costs, and the economist consensus expects an outcome of 262k and 2.5% QoQ respectively. Higher unit labour costs than 2.5% QoQ should be bullish.Trend Remains Bearish $15.33
Silver is short-term bearish below $15.33 and a 50% pullback of yesterday’s range would not surprise us.