Silver rallied on Friday as there were a multitude of news announcements for the session coming out of the US, and other places.
Silver
Silver rallied on Friday to break well above the $80 level to show signs of strength yet again. All things being equal, this is a market that I think continues to see a lot of noisy behavior and this I think is a market that will continue to show a lot of volatile moves.
The Friday session has been quite noisy in most markets due to the fact that the PMI numbers around the world were a little better than anticipated and the core PCE numbers were hotter than the market expected in America. The advanced GDP numbers were weaker than anticipated but that is more likely than not skewed by a partial government shutdown.
Market Volatility and Technical Outlook
With this being the case, you also have to keep in mind that the Supreme Court struck down the tariffs that the Donald Trump administration has levied on a lot of other countries, although there are still multiple mechanisms in which they can do it. It was more about the way those tariffs were carried out but it does have a big risk appetite boost in the market for the short term.
The $80 level continues to be a bit of a magnet for price and I do think that we're in the midst of trying to consolidate between $70 on the bottom and $90 on the top. We are breaking to the upside but as things stand right now we still have seen lower highs form time and time again, so we'll see if that continues.
If we were to break above the $90 level it opens up the possibility of a move to the $100 level. I think ultimately this is a market that is just bouncing around yet again, letting traders trade a short-term range bound type of system more.