Silver prices are seeing some strength today and are currently flirting with the $15 per ounce level. After seeing a dip down to $14.60 earlier this week, it appears that the bulls are happy to buy silver on any decent dips and that further upside could possibly be in store. Stocks are moving slightly lower as of this post while crude oil and the dollar index are essentially flat. Appetite for risk has been increasing this week with stocks moving significantly higher over the last several sessions. Given the current buying being seen in equities, silver and gold have not fallen too far in what could be a sign of underlying strength. This morning, investors got the latest reading on the ADP employment data. The number came in at 214,000 private sector jobs added, slightly above consensus estimates. While this number has the potential to move markets, investors are likely awaiting Friday’s non-farm payrolls data for February for further clues as to the health of the labor market. Consensus estimates are looking for an increase of 190,000 jobs with the unemployment rate remaining steady. All of the economic data is being closely scrutinized by the Federal Reserve and investors as markets await further information about the pace and timing of further rate hikes. if Friday’s nonfarm payrolls data is relatively solid, the central bank could potentially go ahead with another rate increase at this month’s meeting. A large miss, however, could potentially give the Fed reason to pause and hold off on further hikes for now. The recent rebound in equities could also be factored in, with higher stocks and better risk appetite potentially increasing the chances of further hikes. While stocks are in the midst of a rebound that seems to closely resemble the rebound seen at the end of last summer, things can and do change quickly. Further weakness seen in Chinese markets could potentially drive another round of selling and could undo much of the recent upside seen. Such a scenario could potentially work in silver’s favor, however, as risk aversion could potentially drive buying in perceived safe haven instruments such as silver and gold. Even with the recent dip in silver, the path of least resistance could remain higher. A pullback is not uncommon following an upside breakout, and silver may simply be gearing up for a fresh leg higher in price in the coming weeks and months.