RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Metals

Silver is Eyeing More Gains

Posted 09/07/2017 2:55PM CT | Eli Tesfaye

December silver is trading at 18.135, up 22 cents on Thursday’s session. Metals are strong across the board once again. The credit goes to North Korea, as geopolitical risk is on the rise once again. in the last FuturesCast, I wrote that if silver takes out the $17.00 level, momentum will favor the bull camp. For now, a “flight to quality” type of price action dominates the metal market. The weak dollar is also, providing that there will be plenty of the uncertainty that seems to be helping silver.

Technical buying is driving price higher. Nothing is stopping silver from hitting overhead resistance of around 18.50 near term. As always, you have to feed the bull market every day. Retest to 17.00 level could attract bargain hunters. Bears should be discouraged from fading the market at these levels. 

 

Sep ’17 Silver Daily Chart

Sep '17 Silver Daily Chart

 

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Eli Tesfaye

Senior Market Strategist
Eli started his career in the futures and options market while he was in graduate school finishing up his MBA in 2003. Eli specializes in Automatic trading strategies and systematic options trading strategies in futures market. He has been Series 3 license holder since 2005. Eli's is an avid reader, runner, and yoga practitioner.
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