Silver Price Volatility Expected Ahead of US Jobs Data Release
The silver price prediction is gaining extra weight today as a major US data release approaches this evening and XAG/USD faces a critical decision point. The Non-Farm Employment Change, Unemployment Rate, and Average Hourly Earnings m/m are scheduled to be released at 6:00 PM IST, with consensus forecasts of 89K, 4.1%, and 0.3% respectively.
The silver price trades at $61.159 on the 1-hour FOREX.com chart, with a bid of $61.140 and an ask of 61.180. The current trendline has been tested about seven times, with the price sustaining just below it instead of retreating. A close above $62.321 would confirm the break above the trendline, opening up targets at $67.543 and $71.193.
However, a data-driven whipsaw can touch both levels in the same hour, making a 1-hour breakout reversal within hours a real possibility. The 6:00 PM IST US jobs data is the main risk, with neither outcome certain. A close below $57.543 would invalidate the setup and expose support at $54.803.