Silver continues to see a lot of volatility, as we are looking at a market that is being thrown around by the interest rate markets and energy inflation concerns.
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The silver market initially did try to rally a bit during the trading session on Friday. As the jobs report in the United States disappointed, we saw much less in the way of jobs being added: a reading of 29,000, as the market had anticipated 90,000.
That being said, traders are looking at this through the possibility of interest rates dropping. They did for a little bit, but they turned right back around, and now silver is on its back foot.
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This is a market that is still sitting on top of this support level between $55 and $60
That makes a certain amount of sense because the inflation is not because the economy is so hot. It is because the energy situation remains very difficult. With that being said, when you look at this, this is a market that is still sitting on top of this support level between $55 and $60 as an area of, I think, a lot of demand.
We'll see how this behaves. I don't think that silver is going to collapse, but I do recognize that rates in the United States have a huge part to play here. We're heading into the weekend, and it makes a certain amount of sense that people do not want to pile into silver anyway, because we could get a headline out over the weekend that just totally destroys whatever narrative we have.
Ultimately, this is a market that is being held captive by the bond market, by the headlines coming out of the Middle East and other places. As such, you have to be very nimble. That being said, this is an area where buyers could get interested.
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