As of Friday morning’s trade, the March silver contract is trading near the $16.475 per ounce as the market continues to trade in a narrow range following this week’s FOMC minutes as well as outside market forces such as the US dollar.
It would seem that the trade may be eyeing the moves in the dollar as well as this week’s FOMC minutes. The Fed is also at a point where there are a number of empty seats and this seems to mirror the silver markets lack of direction following FOMC minutes and Fed speak this week.
As of this writing, the silver market has traded in a 14 cent range and seems to be rangebound, possibly consolidating prior to finding some direction. It would seem that the market would like to see some direction in the dollar and, as the argument could be made for a number of metals, a reprieve from multiyear highs in interest rate products such as the 10-yr note.
Silver traders may eye the 90.45 level in the dollar, what some may consider the base level of a double bottom formation on a daily time frame.
Silver Mar ’18 Daily Chart