Silver Price Volatility Expected with NFP Data Release

The silver price is expected to be volatile on Friday due to the release of non-farm payroll (NFP) data. The NFP forecast shows a significant drop from the previous reading of 162K to 89K, which could lead to a breakout in the silver price. The current chart pattern shows a descending channel setup with resistance levels at $62.338 and $67.543.

The author suggests that a 4-hour close above $62.338 would carry the price out of the channel, while a close below $57.543 would break the lower side of the setup. The author also notes that the NFP data can push the metal through a level in seconds and snap it back.

The article concludes by highlighting the risks associated with NFP volatility and advises traders to be cautious when trading on this day.