Silver, like other precious metals, succumbed to a price drop Monday on a stronger dollar, dipping down to back around $17.15 per ounce. This week, silver prices remain in a trading range between May 6th’s high of $17.56 and May 9th’s low of $16.88.
The silver price broke out slightly on Wednesday, rising back up to $17.35 but dropped back down toward the $16.88 end on Thursday, showcasing some major price swings. The decline had no apparent external driver. The silver trend seemed to be caught in between bearish and bullish sentiments throughout the entire week.
The dollar and other minor U.S. economic reports were the primary drivers of precious metals prices during this week’s session, though it was a fairly uneventful week otherwise. Silver is moving generally sideways, and is currently following gold.