RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

The September silver market started the week continuing the slide lower from last Friday’s drop. The market seemed to find some support around the $25 level but isn’t closing out the week strong with lower trade today after posting a mid-week high of $25.51. The bears definitely hold control both technically and fundamentally. US economic data weakening, showing signs of a slowing economy, and a push higher in the US dollar has deflationary talks increasing. Currently, the silver market is failing at finding anything to send it higher and traders are also losing interest. ETF holdings in both silver and gold have continued to decline in the past couple of weeks. Bulls will need to see the $25 level hold and a push back to and eventually above the sideways range from $26-$26.50. Failing to hold the $25 level would see a push back down to $24.

Silver Sep ’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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