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The silver market has had a similar trading pattern as gold this morning with the metal under pressure at the start of the session by the strength in the dollar which tends to reduce silver's appeal as an inflation hedge. Doubts about the strength of the economic recovery after seeing a mixed bag of economic data this week along with a sharp sell off in equities seems to be lowering investor's appetite for riskier assets as the year end approaches and this has undermined silver to some degree. But also like gold, silver found strong chart based support near the low and with fresh buying interest coming in on the early dip, December silver has been lifted by as much as 56 cents off session lows in the morning trade. Spill over strength from the copper market may also be helping silver find some footing.
The daily commentaries provide a recap of each commodity's traded price activity, an analysis of the factors that influenced price activity, a recap of any reports released that day, and a look ahead at the next day's schedule. CME Group provides market commentaries for corn, wheat, soybeans, gold and silver.
The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.