Silver futures settle at $57.64 after 2.18% intraday swing

Silver futures settled at $57.64 an ounce on Aug 3, down 1.7% from the open, after an intraday swing of 2.18%.

COMEX silver futures traded 10,018 contracts during the session, according to exchange data. The contract opened at $58.65 and advanced to a session high of $58.88 before reversing to a low of $57.60, a range of $1.28 across the day. The settlement of $57.64 sat just above the session low, leaving the close near the bottom of the day's band.

The pullback from the opening print erased roughly $1.01, or 1.7%, from the contract's value by the time trading ended. The close near the session low points to selling that held into the settlement, setting up the next session to test whether buyers defend the $57.60 level.

Silver's $1.28 range in a single session

Silver's move comes as precious metals trade on COMEX alongside gold, with the metal's price action reflecting a day of competing buying and selling pressure. The intraday amplitude of 2.18% — the distance between the high and low relative to the settlement price — captured that volatility in a single session.

The day's structure, a push to $58.88 followed by a fade to $57.60, shows the contract failed to hold gains above its opening level, a pattern that often precedes further downside if the low gives way. A break below $57.60 would open the next leg lower, while a reclaim of $58.65 would signal the pullback was contained.

The volume of 10,018 contracts traded during the session provides the backdrop for the price action, with the amplitude reflecting active two-way participation rather than a one-sided move. Silver's dual role as both an industrial metal and a monetary asset keeps it sensitive to shifts in demand across electronics, solar, and investment channels, though the session's data points to price discovery driven by the day's trading range.

The settlement near the session low carries weight for the technical picture. A close that far below the opening level, combined with the failure to hold the $58.88 high, leaves the contract in a position where the next session's open becomes the immediate test. Buyers who stepped in near $57.60 will need to defend that level to prevent a slide toward fresh lows, while a move back above $58.65 would restore the bullish structure that held at the open.

Traders will watch the next COMEX session for a signal on whether silver can reclaim its opening level of $58.65 or extend the decline toward the session low of $57.60.

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