May silver saw a bounce mid-week after starting the week with continued lower trade from last week’s move lower. So far, that strength has pushed it even higher today but the overall trend remains lower. The bounce during Wednesday’s session was partly attributed to Biden’s announcement of an infrastructure plan but the bulls are still looking for a positive US jobs number to really get the inflation chatter started again and start another push to the upside. With May silver hitting key support at $24 this week, we could see some more value buying, especially if there is a continued risk on environment and the stock market continues to do well. The bulls aren’t in the clear yet though with the market having to get through resistance at 25.30 and 25.60 before the trend reverses back to the upside with 26.40 as a short-term target. Failing to get through those resistance levels would likely push silver back down to support at 24.

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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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