Silver prices edged lower on Friday, declining by 0.25%, but settled up about 0.45% for the week. The surge in the dollar on Friday generated headwinds for silver and the entire precious metals complex. With yields not impressed with higher inflation levels, lower yields are likely to weigh on the dollar and eventually buoying silver prices.
The daily charts show that prices are consolidating between a tight range. Traders await the next commitment of trader’s report, but open interest is still likely to show a significant number of long contracts held in the managed money category. There is large option open interest (which is the number of open option contracts, at the $26 strike options that settle in one week and the $26 and $27 strike that mature in 2-weeks. If the markets can push the price another 4% it should begin to see additional short-covering.
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