Silver Price forecast: Silver Whipsawed by Rates

From Daily Forex, this is Christopher Lewis taking a look at the silver market. The silver market initially did try and to rally a bit during the trading session here on Friday. As the jobs report in the United States disappointed, we saw much less in the way of jobs being added. A reading of 29,000 as the market had anticipated 90,000. That being said though, traders are looking at this through the possibility of interest rates dropping. They did for a little bit, but they turned right back around and now silver is on its back foot. And that makes a certain amount of sense because the inflation isn't because the economy is so hot. It is because the energy situation remains very difficult. And with that being said, when you look at this, this is a market that is still sitting on top of this support level between $55 and $60 as an area of I think a lot of demand. We'll see how this behaves. I don't think that silver's going to collapse, but I do recognize that the rates in the United States have a huge part to play here. We're heading into the weekend and makes a certain amount of sense that people don't want to pile into silver anyways, because we could get a headline out over the weekend that just totally destroys whatever narrative we have. Ultimately, this is a market that is being held captive by the bond market, by the headlines coming out of the Middle East and other places. And as such, you have to be very nimble. That being said, this is an area where buyers could get interested.