Jobs Are Up, Silver is DownPosted 12/06/2019 10:03AM CT |
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.