SILVER

FUNDAMENTALS

Silver recovered most the earlier losses after the strong payroll data as dollar surged late in the Friday’s session. Silver for December delivery at Comex shed mere 1 cent to close the session at $13.49 an ounce. The contract traded as low as $13.31 an ounce during the session.

Weakness in dollar after initial rally on strong payroll report supported silver to recoup most of the earlier losses of the session.

Crude oil prices declined on the last trading day of the week fading the shine of precious metals.

ETFs continue to accumulate silver despite high prices, which looks positive for the metal. The silver holdings of iShares silver trust, the largest silver ETF, remained unchanged at 4464.49 tonnes during the week, whereas silver holdings of ETFS Physical Silver increased 5.8% during the period to 2706772 ounces. 

 TECHNICALS

Long shadows of the candlestick show indecision in the market. The prices closed below short term and medium term EMAs, which supports bears. MACD is showing decrease in bullish momentum. Stochastic is also favoring bears in overbought region. The prices are likely to remain range bound.

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