January silver started this shortened trading week continuing the sell-off from last Wednesday’s high of 17.22 but has had a good bounce on Tuesday to start the day. There will be no trading for the Thanksgiving holiday and a half day on Friday. Global equity markets overnight were mixed and there have been no major changes either way with U.S./China trade negotiations. The market is bearish short term with U.S. equities at all-time highs and a slowing of U.S./China trade headlines. A close below the recent low of 16.68 would signal a selloff to 16.35 where we would see some value buying coming into the market. A push above 17.25 is needed to go test resistance at 17.48. Look for rallies to be sold as this sideways to lower action should continue until we see a change in fundamentals.

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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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