Silver Searches for Fundamental PushPosted 10/18/2019 7:43AM CT |
The silver market has been trading sideways this week with no real fundamental news pushing it in favor of the bull or bear crowd. The December market has pushed its way back to even on the week after trading down to a low of 17.18 during Wednesday’s trading session. A positive day on Friday is needed to close higher on the week. Although there seems to be progress in Brexit and the U.S./China trade talks on a phase one deal, some uncertainty remains on the actual completion of both. Support was seen this week on softer than expected U.S. retail sales numbers that has increased the estimates of a rate cut from the Fed by the end of the month. From a technical standpoint the bears have an edge, but we’ve seen that any break down towards support at 17.00 brings in value buying and any global economic uncertainty also lends support. Support comes in at 17.25 and then 17.00 but with momentum studies trending higher, any bullish fundamental news should accelerate a rally back up to resistance at 18.00.