RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

September silver is trading $16.98 UP about 1 cent on the day. Metals are strong across the board. The annual Fed meeting in Jackson Hole, Wyoming is underway. As I write, Draghi and Yellen are anticipated to make speeches. In my view, these speeches are market movers. Markets have been anticipating the Fed’s long term outlook on the US economy rather than what the next rate hike would be.

Geopolitical risk around North Korea seems to be subsiding this week, but the Trump Administration is considering more sanctions on Russia and China over inaction on DPRK. There is plenty of uncertainty that seems to be helping silver, even in light of US dollar strength.

From a technical prospective, silver is poised for a breakout. Silver charts are showing more and more consolidation in terms of price action. As I have stated in previous FuturesCasts, if silver works itself through the $17.00 price action, it would more likely attract momentum buying. 

Sep ’17 Silver Daily Chart

Sep '17 Silver Daily 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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