After seeing a continuation of last week’s trend higher to start the week, the silver market is starting to see some pressure with lower days on Wednesday, Thursday, and to start Friday. Wednesday’s trading session got to a high of 28.105 on the March contract before closing lower on the day. The US dollar up off its lows with looks of strengthening and the stock market shaking off the lower trade on the first day of the year is pressuring the silver market. Better than expected jobs numbers and a calming of political tensions also give the bears an edge. The bears are watching for a stimulus package to be passed and more signs of inflation to provide support. It looks like there has been a change in the short-term trend with support being broken at 26.70. Right now the bears are in control with the next levels of support being 25.25 and then 24.25. The bulls are needing to see a close up of the low today and then trade above 26.90 next week to turn the trend back to the upside.

Silver Mar ’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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