Spot silver - On the daily chart there seems to be good buyers on dips and this can be seen with long wicks seen, highlighting good buying pressure. I have chosen to close my short spot silver position from 1960 ((VIEW LINK) at market (spot now at 1945) for a profit of 0.7%, given the solid support seen. There is a massive night of event risk for all asset classes, but silver especially has the premise to be higher than most. In US trade we get the US ADP private payrolls (at 22:15 AEDT), with economists expecting an increase to 210,000 jobs. We also get Q1 GDP and then the FOMC meeting at 05:00. The Fed are widely expected to taper its QE program, however the market will be keen to see the language in the accompanying statement.


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Chris Weston

FOMC at 04:00