Silver - Still Neutral Pre Non Farm Payrolls

We still hold a neutral view on Silver and feel that non farm payrolls on Friday could trigger significant price action and enable us to form a directional view. The precious metal has failed to consolidate above resistance around $28 over continued fears of rising inflation and the possibility of the FED raising rates. Therefore a greater than expected payroll number could increase the odds of a FED rate hike and result in Silver prices breaking below support $26.6.