March silver spent the second half of the week fighting its way back from Monday and Tuesday’s move lower. Wednesday we saw a push down to the weekly low of 17.28 before recovering and closing positive on the day. It looks that the market is uncertain on a direction with potential virus/economic developments popping up around the world. This should lead to choppy trade with a slight lean to the upside with any alarming headlines and/or pullbacks in equity markets providing support. The bear side is looking for statements regarding the slowing or containment of the virus or a continued upside push in stocks. The March contract is continuing in a sideways channel and needs to see a push above 17.97 to go test resistance at 18.48. A close under 17.45 would give the bears control and push the market back down to the 17.00 level.

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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