Silver futures jump 2.08% in largest intraday gain of July 19

Silver futures posted their largest intraday advance on July 19, rising 2.08% to settle at $56.74 per ounce, according to exchange data.

The SI=F contract on the COMEX division of CME Group climbed from an opening of $55.96 to a session high of $57.13 before closing near the upper end of the daily range. Volume reached 4,036 contracts as buying pressure intensified during the session.

The low of $55.76 marked a brief dip below the open before prices reversed sharply higher. The intraday range of $1.37 from low to high represented the widest spread of the trading day for the contract, exchange data show.

The $56.74 close leaves silver futures testing resistance near the $57 level. A break above the July 19 high of $57.13 would open the path toward further gains, while a fall back below $55.76 would signal a failure to hold the advance. Each $1 move in the contract represents a $5,000 change in value per contract, based on the standard 5,000-ounce COMEX silver futures contract size.

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