RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

This week we saw lackluster trade for the March silver contract after last weeks failed run to 18.895. After opening at 18.130 on Monday, silver traded down to a weekly low of 17.690 on Tuesday before fighting back higher towards the second half of the week. Trade this week reiterates that 18.000 remains a key level in the March contract. With tensions in the middle east lessening and a risk-on attitude towards equities remaining in-tact, the bears have the upper had currently. Recent strength in the US dollar should also be added pressure to silver. Barring any fundamental changes, the short-term trend remains to the downside and any rallies will be short lived. A close under 17.750 should accelerate a move lower with 17.000-17.200 being the next level of support. A strong close over resistance at 18.000 is needed to reverse the trend back to the upside.

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Tyler Herrmann

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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