Silver futures gap up 2.06% to $59.71, close flat on July 13

Silver futures on COMEX opened at $59.71 per ounce, up 2.06% from the prior session, before settling at $58.505 on July 13, according to CME Group data.

The opening gap was the largest single-session gap for the silver contract in recent weeks. The contract traded in a $1.47 range between a high of $59.79 and a low of $58.32, with volume reaching 8,215 lots. The closing price of $58.505 effectively filled the opening gap, leaving the contract flat compared with the prior session's settlement near $58.50.

The gap-up opening followed by a close near the prior settlement suggests initial buying momentum faded as the session progressed, with sellers stepping in near the $59.80 resistance level. The intraday low of $58.32 marked the session's weakest point before a partial recovery toward the close. Volume of 8,215 lots provides context for participation levels during the session.

Silver's price action on July 13 reflects the metal's sensitivity to broader macro factors, including US dollar movements and industrial demand expectations. The metal's dual role as both an industrial commodity and a monetary asset means it responds to signals from both the manufacturing sector and the Federal Reserve's policy trajectory. COMEX silver inventory data and positioning reports will offer additional clues on market dynamics in the coming sessions.

The next key data point for precious metals traders is the US retail sales report scheduled for July 16, which will provide signals on consumer spending and economic momentum. Traders are also watching for any shifts in the US dollar index, which has been a key driver of precious metals prices in recent months. The July Federal Reserve meeting remains the primary macro event on the horizon for silver traders, with any shift in rate expectations likely to drive the next significant move in the metal.

This article is for informational purposes only and does not constitute investment advice.