Silver Future Price Midday increased 0.45 USD/t. oz or 2.76% to 16.91 on Wednesday August 9 from 16.42 in the previous trading session. Historically, Silver reached an all time high of 49.45 in January of 1980 and a record low of 3.55 in February of 1991.
Silver markets initially tried to rally during the day on Tuesday, but found enough resistance just below the $16.50 level to turn around and fall significantly. This was in reaction to the over 6 million jobs available in the United States. Ultimately, this is a market that is highly influenced by the US dollar, and as it rallied that of course brought the market back down to the support region of $16.25. The $16.50 level above is massively resistive, and because of this if we broke out above there I think that it would be a very buying opportunity.
I believe that there is going to be more than enough volatility in the markets to keep this market very difficult to deal with. The $16 level below is a bit of a “floor” in the market, and that being the case it’s likely that the market will be very volatile and choppy around between the $16.50 level above and the $16.00 level below. Ultimately, this is a market that continues to be very choppy and dangerous, as short-term traders continue to push the market around. Because of this, it’s probably best to wait for some type of impulsivity that we can take a hold of, and be patient enough to wait for. I am currently on the sidelines but will inform you as to what I do next.
|16.91||16.46||49.45||3.55||1975 – 2017||USD/t. oz||Daily|
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