Silver futures open 2.13% lower before rallying to fill gap

Silver futures on COMEX opened at $55.96 per ounce, down 2.13% from the prior session, before recovering to close at $57.18.

The opening gap was fully filled during the session, with prices reaching a high of $57.63 and a low of $55.76, according to COMEX data. The intraday range of $1.87 between the low and high represented a 3.3% swing from the opening print.

Volume totaled 6,721 contracts as silver prices retraced from the gap-down open to recover the prior session's closing level. The recovery erased the entire 2.13% decline triggered at the open, with the settlement price matching the implied prior close of $57.18.

The gap-fill pattern establishes near-term technical support near the $55.96 opening level. A break below that level could accelerate selling toward the $55.00 handle, while resistance sits at the session high of $57.63. Silver's next directional catalyst will likely come from the Federal Reserve's upcoming rate decision and the resulting impact on the US dollar, which typically moves inversely to precious metals prices.

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