Silver Trading Back and Forth After Starting The Week DownPosted 10/04/2019 9:33AM CT |
The December silver market started the week lower, trading down to a low of 16.98 before recovering Tuesday and Wednesday. Thursday’s trading session saw more back and forth as the market looked for U.S. jobs data to push it one way or another. This morning non-farm payrolls came in at 136k, below estimates of 145k and we saw an unemployment rate of 3.5% which is the lowest in 50 years. Although the unemployment rate adds some pressure to the silver market, we would have needed to see a higher than expected non-farm payrolls number to see a larger washout back down to weekly lows. With today’s jobs numbers, the dollar and stocks are higher and look to recover after starting the week lower on a manufacturing number that was below expectations on Tuesday. The December gold market has resistance at 17.80 and 18.00 and would need to see a shift in fundamentals to reverse the trend and retest the recent highs. Support comes in around 17.00 and then 16.50 which would also be a point where we would see some value buying.