RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Metals

Jobs Are Up, Silver is Down

Posted 12/06/2019 10:03AM CT | Eli Tesfaye

March Silver is trading at $16.65, down 40-cents on the day, despite good news coming from the U.S. employment number this morning. Stocks are rallying forcefully and risk is off. Given the technical setup of outside day, more weakness is likely. Highly likely that, a $16.00 level will be tested. The negative outlook of deal with China and the seasonal demand for metals for this time of the year could garner a bit of support. A trade above $17.25 in the March contract is needed to reject bear attach. Silver sometimes is friendly to the equity market, and that could be another supporting factor. For now, at least, there is a divergence between equities and silver. Also, to keep in mind, the dollar is firm of the same job number putting silver on the defensive.

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Eli Tesfaye

Senior Market Strategist
Eli started his career in the futures and options market while he was in graduate school finishing up his MBA in 2003. Eli specializes in Automatic trading strategies and systematic options trading strategies in futures market. He has been Series 3 license holder since 2005. Eli's is an avid reader, runner, and yoga practitioner.
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