The silver market has fallen pretty significantly during the trading session on Friday as the jobs number came out well over anticipated results. The expected number was right around 55,000 jobs added last month in America, ended up being 162,000, a huge miss, and to the upside. So that has traders worried about the potential of inflation, higher interest rates coming out of the Federal Reserve, and that typically is bad for silver. That explains part of what we’re seeing here.
Moving Average Support and Labor Day Volatility
Ultimately though, it’s a market that is still well within the range of normalcy right around the 200-day EMA, as well as the 50-day EMA. So, as poor as the reaction was initially, at least so far, it doesn’t seem to be irreversible damage.