Silver still has a fully-loaded boat of large silver traders long in the futures market (record long), of which their net position may have been reduced this week, but we won’t likely find that out in today’s COT report given it is for the week ending on Tuesday. The real meaty move lower came on Wednesday. At any rate, crowded trades are not where we want to be, but if price action suggests the crowd is right, though, then they are, at least until they aren’t. So far, broadly speaking they have ...
Silver prices printed $21 intraday for the first time since July 2014 as the Brexit vote has traders anticipating more central bank easing. Lower interest rates make metals like silver and gold generally more attractive. With silver prices poised to finish higher 5 sessions in a row, you would think they just won the Miss Universe contest. However, later this week we have the US non-farm payrolls printing. Though the market is pricing ...
When a range has trapped price, the price may experience further consolidation until a break occurs and a potential trend emerges. The upper end of the above-mentioned range is yesterday’s high of $17.62 and above this level the next resistance level are the May 3 high of $17.70, followed by the May 2 high of $18.00. The lower end of the range is the May 4 low of $17.15. Below it, the April 27 low of $17.03 and April 25 low ...
Daily price is located above 100-day SMA/200-day SMA area for the bullish market condition with the ranging within the following key support/resistance levels: 16.01 resistance located above 200-day SMA area in the primary bullish of the chart, and15.16 support level located near 200-day SMA on the border between the primary bullish and the primary bearish trend. RSI indicator is estimating the ranging bullish trend to be continuing If the price breaks 15.16 ...
W1 price is located below 200 period SMA and below 100 period SMA for the primary bearish market condition with secondary ranging within Fibo resistance level at 15.90 and Fibo support level at 13.64. Symmetric triangle pattern was formed by the price to be crossed for direction, and RSI indicator is estimating the secondary bear market rally to be started within the primary bullish market condition. If the price will break Fibo support ...
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