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Silver May '23 (SIK23)

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Silver Futures Market News and Commentary

Strong Stocks and Dovish Fed President Barkin Weigh on the Dollar

The dollar index (DXY00) Friday fell by -0.42%.  The dollar fell back from Thursday’s 2-year high as strength in stocks on Friday reduced liquidity demand for the dollar.  Losses in the dollar accelerated due to dovish comments from Richmond Fed President Barkin, who said the Fed doesn’t need to be as restrictive as it once thought.  On the positive side for the dollar was the rise in T-note yields on the stronger-than-expected US Dec ISM manufacturing index, a hawkish factor for Fed policy. 

The US Dec ISM manufacturing index unexpectedly rose +0.9 to a 9-month high of 49.3, stronger than expectations of a decline to 48.2.

Richmond Fed President Barkin said, “Inflation is not yet back to target, so we still have more work to do, but we don’t think we need to be as restrictive as we once were to finish that job.”

The markets are discounting the chances at 11% for a -25 bp rate cut at the January 28-29 FOMC meeting.

EUR/USD (^EURUSD) Friday rose by +0.41%.  Fr... Read more

Contract Specifications

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Contract
Silver 5,000-oz
Contract Size
5,000 troy ounces
Tick Size
$0.005 per troy ounce ($25.00 per contract) (Settlement $0.001)
Trading Hours
5:00p.m. - 4:00p.m. (Sun-Fri) (RTH 7:25a.m. - 12:25p.m.) (Settles 12:25p.m.) CST
Exchange
COMEX
Point Value
$5,000
Margin/Maintenance
$12,650/11,500
First Notice Date
04/28/23
Expiration Date
05/26/23 (expired)

Seasonal Chart

Silver May '23
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of Dec 24, 2024

View Chart Details
Commercials - Long / Short
35,192 (+57)
90,213 (-2,432)
Non-Commercials - Long / Short
67,851 (-332)
27,688 (-231)
Producers - Long / Short
3,447 (+89)
37,289 (-101)
Swap Dealers - Long / Short
26,609 (-275)
47,788 (-2,574)
Managed Money - Long / Short
39,531 (-786)
18,983 (+545)
Other Reportables - Long / Short
28,320 (+454)
8,705 (-776)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
22.786 +1.99%
on 05/25/23
26.200 -11.30%
on 05/05/23
-1.636 (-6.58%)
since 04/26/23
3-Month
19.945 +16.52%
on 03/10/23
26.235 -11.42%
on 04/14/23
+2.304 (+11.00%)
since 02/24/23
52-Week
17.750 +30.93%
on 09/01/22
26.235 -11.42%
on 04/14/23
+0.656 (+2.90%)
since 05/26/22

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Strong Stocks and Dovish Fed President Barkin Weigh on the Dollar

The dollar index (DXY00 ) Friday fell by -0.42%. The dollar fell back from Thursday’s 2-year high as strength in stocks on Friday reduced liquidity demand for the dollar. Losses in the dollar accelerated...

DXY00 : 108.952s (-0.40%)
GCG25 : 2,654.7s (-0.54%)
SIH25 : 30.065s (+0.55%)
^USDJPY : 157.299 (-0.11%)
^EURUSD : 1.03088 (+0.41%)
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The dollar index (DXY00 ) today is down by -0.27%. The dollar fell back from Thursday’s 2-year high as strength in stocks today has reduced liquidity demand for the dollar. Losses in the dollar are...

DXY00 : 108.952s (-0.40%)
GCG25 : 2,654.7s (-0.54%)
SIH25 : 30.065s (+0.55%)
^USDJPY : 157.299 (-0.11%)
^EURUSD : 1.03088 (+0.41%)
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Dollar Gains on US Economic Strength and Euro Weakness

The dollar index (DXY00 ) Thursday rose by +0.79% to a new 2-year high. Signs of strength in the US economy boosted the dollar Thursday after weekly jobless claims unexpectedly fell to an 8-month low...

DXY00 : 108.952s (-0.40%)
GCG25 : 2,654.7s (-0.54%)
SIH25 : 30.065s (+0.55%)
^USDJPY : 157.299 (-0.11%)
^EURUSD : 1.03088 (+0.41%)
Dollar Rallies on US Economic Strength

The dollar index (DXY00 ) today is up by +0.42% at a new 2-year high. Signs of strength in the US labor market are boosting the dollar today after weekly jobless claims unexpectedly fell to an 8-month...

DXY00 : 108.952s (-0.40%)
GCG25 : 2,654.7s (-0.54%)
SIH25 : 30.065s (+0.55%)
^USDJPY : 157.299 (-0.11%)
^EURUSD : 1.03088 (+0.41%)

Barchart Trading Guide

The Barchart Trading Guide is a Sell Signal with a Maximum Signal Strength.

Key Turning Points

3rd Resistance Point 23.407
2nd Resistance Point 23.323
1st Resistance Point 23.282
Last Price 23.240s
1st Support Level 23.157
2nd Support Level 23.073
3rd Support Level 23.032

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52-Week High 26.235
Last Price 23.240s
Fibonacci 61.8% 22.994
Fibonacci 50% 21.993
Fibonacci 38.2% 20.991
52-Week Low 17.750

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