 Hello, welcome to this week's CMC Markets Commodity Snapshot with myself Jasper Lawler. This week we're going to be looking at silver. We've got two important events this week. The European Central Bank, that's happening today, may well have already happened by the time you're seeing this video, but we also see the non-farm payrolls US unemployment reports, which is arguably the most important driver for precious metals going forward. Just quick rewind as to a couple of weeks ago, if you remember, we were looking at the US NDAQ 100, that's the CMC Markets Proxy for the US NASDAQ 100 stock index. Now looking at this chart here, if you remember there was a channel breakout. Our objective from that channel was about four, five, two, five. We reached a peak of around four, four, eight, five, getting a little pullback from there, but so far we've come about 40 points off. So looking alright so far in terms of that breakout, keeping in mind there's been a lot of headlines about the NASDAQ composite. That's all the stocks within the NASDAQ reaching the 5,000 level for the first time since the dot-com bubble. So getting a bit of a pullback from that level in the composite, but still looking okay. Now going back to silver, let's have a look at the chart because we'd lasted our update in around December 4th. So a few things have changed since then. The price at around the time of that video was about 1650. We reached a top around 1850, but subsequently fallen right back down to this 16 level, which is where we currently sit. And if we are looking at this channel here, we can see this does seem to be a rising channel. You can see the arrows on the chart pointing to where the channel has been tested five times to date currently at the fifth occasion. The fact that we've pulled back to the bottom of the channel so quickly after hitting the cluster of moving averages that 21 and 55 day moving average on the chart does suggest some weakness. Still potential for a small double bottom pattern perhaps to send us up back towards the top of the channel, but at the moment things are starting to look a bit weak according to this price action. Now as I mentioned, there's a couple of events which could drive the future action of silver. Today we have the European Central Bank and on this occasion silver is most likely to be acting more alongside the precious metals like gold and platinum rather than the sort of industrial side that it can sometimes follow like copper. And really the ECB introducing a QE program if it does end up on the sort of more aggressive side of monetary easing, perhaps lowering their inflation targets while also maintaining negative deposit rates, that would be a signal of very aggressive monetary easing and that tends to be positive for precious metals in the likely result of there being some kind of inflation down the road as a result of this policy. Counter to that of course we could see a slightly weaker policy action from the ECB perhaps raising the growth targets for the Eurozone perhaps even moving the deposit rates back here back into positive or even just zero territory out of the negative that would be slightly less aggressive and would sort of indicate that potentially the ECB not going to be doing their quantitative incur as long as some had hoped and that could arguably be negative for silver and could see us break down through this rising channel. And just lastly thinking about Friday's non-farm payroll of course we've got the non-farm payrolls webinar live during the event so don't forget to tune into that but also in terms of silver really it's a play on the US dollar should the non-farm payrolls beat expectations then that would be strong for the US dollar weak for the silver and vice versa should they miss expectations you know that's that's bad for the dollar should be strong for silver and that will likely determine whether we sustain any break lower or whether we hold back into this sideways pattern rising channel that we've been in for a while.