Silver futures open 2.07% higher before filling gap on July 16

Silver futures on COMEX opened with a 2.07% gap at $58.12 per ounce on July 16 before filling to close at $56.94.

COMEX data shows the contract traded in a $1.38 range, reaching a session high of $58.23 before sliding to a low of $56.85. Volume reached 10,638 contracts as the gap filled during the session, with the close matching the prior session's settlement level.

The opening gap marked the largest intraday dislocation for silver futures in the past two weeks. The move higher was fully retraced by the close, with the contract ending flat relative to the July 15 settlement.

The gap-and-fill pattern leaves silver at a key technical juncture. A break above the $58.23 session high would signal renewed buying momentum, while a move below $56.85 could open the door to the next support level near $56.00. The next catalyst for precious metals comes with the weekly COMEX inventory report, which traders will watch for signs of physical market tightness.

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