Silver Continues in Sideways RangePosted 11/01/2019 9:06AM CT |
The silver market has been stuck in a sideways range for the month of October and we saw that continue this week with December silver starting this week with a move lower before concerns of global economic slowing helped the market recover from Wednesday’s 17.59 low. Reports from China that a long-term trade agreement with the U.S. is unlikely lends support to the silver market and counter acted the Fed’s rate-cut, but Friday’s nonfarm payrolls and unemployment numbers added pressure. Weakness in the U.S. dollar and calls for a coming global recession give the bulls hope but until we see continued economic data to support those views, silver looks to continue in this sideways range. A close over resistance at 18.225 is needed to continue the move higher to 18.80 while a break of 17.60 would most likely push the market down to support at 17.30 or 17.00.