Gold (June) / Silver (May)
Gold, yesterday's close: Settled at 2346.4, down 67.4
Silver, yesterday's close: Settled at 27.245, down 1.599
Gold and Silver futures have been bludgeoned. If yesterday was not enough, seconds were served last night. Gold is testing into a critical area of support at 2300-2308.5 in which the market must not only hold and respond through today but also close back above now resistance at 2325.3-2327.1. Although Gold was the leader for much of the month, it might be up to Silver to channel commodity momentum take the reins, and exude leadership within the precious metal space. The December 1st highs for the May contract come in at 26.57. It is imperative for Silver to hold out above here as the May contract options expire and the futures roll off this week.
May options expire Thursday and futures roll-ff in the day after. July Silver is next front month.
Bias: Neutral
Resistance: 2325.3-2327.1***, 2338.2**, 2344.7-2347.9***, 2353.7-2358***
Support: 2300-2308.5***, 2281.8-2283.5***, 2257.1***, 2246.6***, 2231.2-2238.2****
Silver (May)
Resistance: 27.24-27.34***, 27.59-27.67****
Pivot: 27.15
Support: 26.93-26.97***, 26.71-26.81**, 26.40-26.58***, 25.92-25.98***
Check out Blue Line Futures
bluelinefutures...om/2023-signup/?utm_source...
Email info@Bluelinefutures.com or call 312-278-0500 with any questions -- our trade desk is here to help with anything on the board!
Futures trading involves a substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. 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.
Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.
Performance Disclaimer
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.
One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points that can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program that cannot be fully accounted for in the preparation of hypothetical performance results all of which can adversely affect actual trading results.
Gold, yesterday's close: Settled at 2346.4, down 67.4
Silver, yesterday's close: Settled at 27.245, down 1.599
Gold and Silver futures have been bludgeoned. If yesterday was not enough, seconds were served last night. Gold is testing into a critical area of support at 2300-2308.5 in which the market must not only hold and respond through today but also close back above now resistance at 2325.3-2327.1. Although Gold was the leader for much of the month, it might be up to Silver to channel commodity momentum take the reins, and exude leadership within the precious metal space. The December 1st highs for the May contract come in at 26.57. It is imperative for Silver to hold out above here as the May contract options expire and the futures roll off this week.
May options expire Thursday and futures roll-ff in the day after. July Silver is next front month.
Bias: Neutral
Resistance: 2325.3-2327.1***, 2338.2**, 2344.7-2347.9***, 2353.7-2358***
Support: 2300-2308.5***, 2281.8-2283.5***, 2257.1***, 2246.6***, 2231.2-2238.2****
Silver (May)
Resistance: 27.24-27.34***, 27.59-27.67****
Pivot: 27.15
Support: 26.93-26.97***, 26.71-26.81**, 26.40-26.58***, 25.92-25.98***
Check out Blue Line Futures
bluelinefutures...om/2023-signup/?utm_source...
Email info@Bluelinefutures.com or call 312-278-0500 with any questions -- our trade desk is here to help with anything on the board!
Futures trading involves a substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. 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.
Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.
Performance Disclaimer
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.
One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points that can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program that cannot be fully accounted for in the preparation of hypothetical performance results all of which can adversely affect actual trading results.