This week in the September silver market we saw a positive start trading to new recent highs on Monday followed by a wild trading day on Tuesday with a daily low and high of 22.46 and 26.275. After Tuesday’s slightly lower close of 24.525, the market sold off to a low of 23.00 on Thursday but is making an effort to re gain some of those losses to start today. The trend lower in the U.S. dollar and uncertainty in the spread of virus cases should continue the safe haven interest in gold and silver. Gold making new all-time highs this week and the continued inflows into silver ETFs, adding over 5 million ounces yesterday, should provide support. Silver would need to see a bullish push over 25.12 in order to continue the rally to test Tuesday’s high of 26.275. September silver would need to hold support at 23.40 and a close below 23.00 would reverse the short-term trend back to the downside. As long as the US dollar remains weak and gold continues to run, the silver market should be pulled up as well.

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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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