The silver market continued lower this week after last Friday’s trade wiped out the trend up to resistance levels. Thursdays session saw the first positive day of the week after trading up from the days lows at 16.190 to close slightly positive at 16.310. With the dollar falling from its new highs yesterday the silver market saw some relief of pressure from the dollar’s recent strength. Trade tensions between the US and the rest of the world coupled with the fear of possible state issued internet taxes look to push the dollar lower and provide support to silver. Momentum studies in July silver have fallen to oversold levels. The short-term trend remains negative with any move higher that isn’t able to hold above yesterday’s high of 16.360 continuing the move lower. Support comes in at 16.240 and then below yesterday’s low at 16.175. Resistance comes in at 16.490 and then 16.750. A close above 16. 425 is needed to reverse the trend to the upside. Look for sideways to higher trade next week as the silver market sees relief of recent pressure of the stronger dollar and tests resistance levels.
Silver Jul ’18 Daily Chart