September silver starts the day lower today completely erasing the gain it made last Wednesday and Thursday. The silver market had been trading sideways, holding on to that $25 support level but once that was pushed through the market fell sharply to a low of 24.37. This morning the focus was on US economic data with nonfarm payrolls coming in well over the expected 870,000 at 943,000. This pushed stocks to new intraday highs and is weighing on the silver market. The US dollar also saw a move higher this week, reversing from last week’s lower trade which is pressuring the silver market lower as well. At the current time, the September silver market is hanging around 24.39, just off its recent lows. The next level of support is 24 but the bulls will be looking for a recovery to setup a push back above resistance at 25 next week. With the current talks of possible stagflation, fresh new all-time highs in stocks, and the flight to quality going to the US dollar the bears are in the drivers seat for the metals markets.

Silver Sep ’21 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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