Multiple bullish themes were wiped off the table this week with the U.S. and China planning to continue trade talks with a meeting in October and Hong Kong withdrawing the extradition bill that sparked protests. Global equity markets have been stronger the second half of the week as well. The silver market was on track for its fifth week higher in a row and still might is Thursday’s selloff finds support. Initial jobless claims remained steady and US non-farm payrolls look to come in slightly below previous readings. While the silver market has had quite the run recently, outside market forces are favoring the bear cam to end the week. The bulls are holding onto hopes that U.S. and European economic data rekindles recession fears and with Thursday’s pullback, any extended gains in the equity markets will continue to pressure. With December silver breaking the reversal point on 19.28 support comes in at 18.30 and 18.15. Resistance comes in at Wednesday’s high of 19.75

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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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