Silver Goes Down

Silver is trading at high volumes and high volatility, currently gravitating towards 16.80. The precious metal lost its highs after the US dollar reacted bullishly to weak US data. The report was a surprise for market participants who expected even higher than the predicted 310K.

Nevertheless, the precious metal sold out and traders and investors jumped on the US dollar to prolong its appreciation.

Silver is expected to hit support at 16.71 as first bear target. If that level does not hold we might see it go for the lower level at 16.42. This level should present more of a challenge than the prior level as it comes at a stronger time period.

November starts with big swings that will likely give direction for future moves.