Silver: This Level Could Invite Massive Buying
Gold (August) / Silver (July)
Gold, last week’s close: Settled at 2349.1, up 31.1 on Friday and 24.1 on the week
Silver, last week’s close: Settled at 29.472, up 0.406 on Friday and 0.032 on the week
Silver futures corrected more than 12% from the May peak, and we could have seen a constructive capitulation on Thursday and Friday. We have always said the 50-day moving average is critical for Silver, and it tends to stay above or below it for an extended period of time. It comes in today at 29.12, rising from $29 through the middle of last week. Silver traded as low as 28.73 before settling the week at 29.472. That low also tested a critical .382 retracement back to the low of the year. We tend to believe markets in an uptrend (or downtrend) will remain strongly in such while holding a .382 retracement. The next few session will prove critical for Silver and we believe a close above rare major four-star resistance at 30.23-30.36, which aligns with Wednesday’s Fed gap settlement, will invite a tailwind of fresh buying.
Bias: Bullish/Neutral
Resistance: 2341.2-2344**, 2349.1-2354.8****, 2357.8-2358.8**, 2370.2***
Support: 2329.7-2332.9***, 2322.5-2324.3**, 2316.7-2318.5***, 2308.7-2310.9***, 2302.4-2304.5***, 2227.5-2256.4***
Silver (July)
Resistance: 29.57-29.72***, 29.85-29.87**, 29.94-29.99***, 30.07-30.09**, 30.23-30.36****
Pivot: 29.37-29.47
Support: 29.06-29.13***, 28.96**, 28.70-28.80****
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Gold, last week’s close: Settled at 2349.1, up 31.1 on Friday and 24.1 on the week
Silver, last week’s close: Settled at 29.472, up 0.406 on Friday and 0.032 on the week
Silver futures corrected more than 12% from the May peak, and we could have seen a constructive capitulation on Thursday and Friday. We have always said the 50-day moving average is critical for Silver, and it tends to stay above or below it for an extended period of time. It comes in today at 29.12, rising from $29 through the middle of last week. Silver traded as low as 28.73 before settling the week at 29.472. That low also tested a critical .382 retracement back to the low of the year. We tend to believe markets in an uptrend (or downtrend) will remain strongly in such while holding a .382 retracement. The next few session will prove critical for Silver and we believe a close above rare major four-star resistance at 30.23-30.36, which aligns with Wednesday’s Fed gap settlement, will invite a tailwind of fresh buying.
Bias: Bullish/Neutral
Resistance: 2341.2-2344**, 2349.1-2354.8****, 2357.8-2358.8**, 2370.2***
Support: 2329.7-2332.9***, 2322.5-2324.3**, 2316.7-2318.5***, 2308.7-2310.9***, 2302.4-2304.5***, 2227.5-2256.4***
Silver (July)
Resistance: 29.57-29.72***, 29.85-29.87**, 29.94-29.99***, 30.07-30.09**, 30.23-30.36****
Pivot: 29.37-29.47
Support: 29.06-29.13***, 28.96**, 28.70-28.80****
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.