The March silver market has continued the sideways pattern it has been in for the past month and a half, trading as low as 17.435 mid-week before finishing with a positive day Thursday and a positive start to Friday’s session. The virus talks, and growing cases of infection remain at the forefront of the headlines this week, but the silver market has managed to stay relatively calm. Moves to the upside have been limited by expectations that China will release a stimulus package to prop up its economy. With this recent coiling in the market, as long as support of 17.41 holds there is potential for a push higher and a retest of resistance at 18.00. A close above that first resistance level would see a trend higher with 18.445 and 19.00 as the next upside targets. To have this happen we would need to most likely see a correction in the stock market and/or headlines of an accelerated spread of the virus. A break below support of 17.41 would turn the short-term trend lower with the next support level at 17.00 and 16.535.

Silver Mar ’20 Daily Chart
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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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