The price of silver futures contracts has been broken an upper limit within a multiyear consolidation which has been creating since 2016. However, before the breakout the potential divergence between the price and market positioning could be spotted.
The data from the COT report may signal that the price may go even further to the upside because there are no significant long positions. The next potential resistance may be located near 35,20 USD.
The nearest potential support could be located at a broken 21,30 USD level.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The data from the COT report may signal that the price may go even further to the upside because there are no significant long positions. The next potential resistance may be located near 35,20 USD.
The nearest potential support could be located at a broken 21,30 USD level.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
