Morning Silver Market Report Like gold, silver slipped to a lower low for the move and looks to be flirting with critical support around $19.225. Slack global economic views remain in place in Europe and the US scheduled data flow later today isnt expected to help the bull case in silver and other physical commodity markets. While the outlook toward physical commodities looks soft to start today, higher US equity market action, stronger copper and palladium prices, might be offering some outside market support to silver prices. However, other than some minor support from a weaker Dollar, silver continues to throw off a pattern of lower highs and lower lows on its charts. Comex Silver Stocks were 176.220 million ounces up 483,468 ounces. The Commitments of Traders Futures and Options report as of May 20th for Silver showed Non-Commercial traders were net long 5,819 contracts, a decrease of 3,784 contracts. The commercial traders were net short 15,435 contracts, a decrease of 2,316 contracts. The Non-reportable traders were net long 9,617 contracts, an increase of 1,469 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 15,436 contracts. This represents a decrease of 2,315 contracts in the net long position held by these traders. The path of least resistance is pointing downward in silver, with the next critical area of support seen today at $19.225 and then not until the $19.045 level. To alter the path in silver probably requires a definitive improvement in global growth expectations.
Posted on: Tue, 27 May 2014 12:56:31 +0000