Overall sideways trade this week for silver despite a promising push higher on Tuesday to 23.06 that it was not able to hold onto. Yesterday, we saw any weekly gains get erased with trade falling to a weekly low of 21.985. To start the last day of this trading week we are green with the market looking to close out on a positive note. Global equity markets were mixed this week and a weaker U.S. dollar is providing some support to silver and the rest of the metal’s markets. Despite all the inflation talk and hype building around silver and the other metals, the silver market hasn’t managed to do much, staying in a range of 22-25.50 for the most part looking back to Aug 21. The bullish side is looking for a move higher through resistance at 23 and 23.50 in order to see a continued breakout higher. The bear side would like to see weaker trade settle down to support at 22 before breaking that and pushing down to a new recent low. The 22 level has been a good base of support with most trading below that level being pretty short lived. At this time more fundamental drivers are needed to start a longer term trend higher and see silver back in the high 20s.

Silver Mar ’22 Daily Chart
800-826-2270312-373-5099Series 3 Licensed

Tyler Herrmann

Senior Market Strategist

Tyler attended Kansas State University where he majored in Agricultural Economics. He started his career in the futures industry with an IB in North East Kansas where he worked with farmers and cattleman to hedge their risk in the market and protect profits with a variety of futures and options strategies. Most recently Tyler has joined RJO Futures as a market strategist.

Read More