The price of silver since yesterday’s commentary has experienced limited movement. Welcome to August, and without a major catalyst on the docket the market is left on its own to search for direction in a month where volume in financial markets tends to be low as market participants squeeze in vacation during the final month of summer.
Silver has been trending its way lower since peaking at the top-end of an ongoing range. The better than expected jobs report sent the metal reeling while the dollar surged. This is exposing the low-end of the range around 19.20.
The small bounce since the Sunday overnight low could be all we see before resuming trend towards the important support level at the bottom-side of the range. But if a larger rebound can unfold, just as expressed yesterday, the 19.93 to 20.03 area should not be overcome if we are to soon see 19.20 in the not-too-distant future.
Short-term levels to focus on: Resistance comes in at 19.85, 19.93, then 20.03. Support comes in by way of 19.47, then the important 19.20 level.
