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.

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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.

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