RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Dec silver is trading 24.270 this morning down about 2 cents. Silver is relatively weak with all the news it has been getting. Silver, even discounting the positive COVID test of President Trump, is relatively flat. Even sellers don’t have real control of the market. Then this leads me to believe that silver is really concerned with deflation. With the house passing, 2.2 trillion stimulus bill and GOP is looking to get 3.7 trillion, we are at crossroads. It remains to be seen when this will get signed by the president. It is an election year on top of that and silver is not getting even the flight to safety type of buy action. In my view, silver should be hovering at around $30.00. the fact that silver is trading this way and looking at “inside week” price action. Sellers can get really active if we go below 22.50. A break above $25 needed to give the bulls some confidence. 

Silver Weekly Chart
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Eli Tesfaye

Senior Market Strategist
Eli started his career in the futures and options market while he was in graduate school finishing up his MBA in 2003. Eli specializes in Automatic trading strategies and systematic options trading strategies in futures market. He has been Series 3 license holder since 2005. Eli's is an avid reader, runner, and yoga practitioner.
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