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E-mini Silver Futures (May 2023)E-mini Silver Futures (May 2023)E-mini Silver Futures (May 2023)

E-mini Silver Futures (May 2023)

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QIK2023 trade ideas

Silver Break-Out! The Next Level to Watch?We come back to the silver market where our previous article indicated a potential breakout. Now that we have seen a decisive break and close above previous major resistance, we have new hurdles to clear. Drivers: Partially fueled by the rally in the Gold market, silver prices have also witnessed a disconnect from traditional fundamentals such as tighter financial conditions. Silver does have many uses in industrial applications, and China is one of the largest consumers. Recent Chinese Manufacturing PMI showed improving conditions, expanding at the highest levels in nearly a year. Stronger economic data from China will remain in focus as silver prices approach the next level of resistance. Technicals: As we have broken out of the near four year long wedge, we now approach major overhead resistance. To see Silver prices test $30/oz we will first need a decisive break and close above $28.30 - $28.89. Check out CME Group real-time data plans available on TradingView here: www.tradingview.com 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 www.tradingview.com *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.
COMEX:SI1!
by Blue_Line_Futures
75: Silver Analysis: Is it Lagging Behind Gold?Silver, often considered the "poor man's gold," has been under scrutiny lately as it seems to lag behind its more illustrious counterpart. Traders and investors are closely monitoring silver's behavior relative to gold, seeking potential opportunities amidst this divergence. Let's delve into the technical analysis to discern potential trading scenarios. Currently, silver is hovering around the $24 mark, displaying a notable gap in performance compared to gold. This gap prompts us to consider whether silver is presenting a buying opportunity or if further downside is expected. Long Entry Points: Primary Entry: A compelling long entry presents itself around $23.37, where historical support levels align. This level could serve as a strong base for a potential bullish reversal. Secondary Entry: For more conservative traders, a secondary entry around $20 offers an additional opportunity. This level provides a wider margin of safety but may require patience as price action stabilizes. Potential Scenarios: Bullish Continuation: If the support at $23.37 holds firm, we anticipate a bullish continuation towards $30 and beyond. This scenario would validate the long positions and affirm silver's potential to catch up with gold. Bearish Breakdown: However, if $23.37 fails to hold, a deeper retracement towards $15 becomes a possibility. Traders should closely monitor price action and consider implementing risk management strategies to mitigate potential losses in such a scenario. silver's divergence from gold presents both challenges and opportunities for traders. With long positions eyed around $23.37 and a secondary option near $20, traders can capitalize on potential bullish reversals. However, vigilance is crucial, as a failure to hold support may result in further downside towards $15. Ultimately, a successful hold at support levels could pave the way for a rally towards $30 and beyond. As always, traders are advised to conduct thorough research, manage risks prudently, and adapt to evolving market conditions. Stay tuned for further updates as we navigate through the intricacies of the market. Happy trading!
COMEX:SI1!Long
by Soldi75
Sliver Futures (SL1!): Feeling crazy when looking at this chartSliver Futures (SL1!): I am probably crazy to even look at this Quarerly chart. However, it looks like it is going to break to the upside out of a huge 10-year old (?) cup-and-handle formation. What if it is going to materialize? Are we looking at potential gains in silver as the traditional TA measurements show? Is the chart indicating potential appreciation of silver or a decline in the vlaue of the US dollar happening at the same time? I can't even fathom it. Can you? Happy trading, LTT
COMEX:SI1!
by learn2trade
Silver Fails At Top of Range . . . Now what?Silver: Daily Fibs and Indicators: Silver has a bull fib objective that takes it to 28.86, a massive move. It held it's 61.8% line in October 23 and was on it's way until December 23 when it stopped at the high of it's daily range. We traded down early in the year, only to test that high again htis past week. And, we are selling off of it again. We can't trust gold to go higher if Silver doesn't make a new high here. Silver lost it's embedded reading of the past 4 days. Big test for silver is 24.21, the BB midpoint, and the bull fibs from lows. that 23.55 level was resistance and the fact that it's the 61.8% line and support could be very key to support here. IMO, that would be a good place be a buyer for silver.
COMEX:SI1!
by CeresTrader
Short Silver on COT Force PushThe markets are really all about finding patterns and taking advantage of such forcefully. With Silver, the commercial producers and bullion banks tend to exert the most amount of market influence upon its price. The reason is that Silver is primarily an industrial metal sensitive to economic demands and also due to the fact that unlike gold, it is primarily mined as a by-product through the mining of other metals such as copper, iron, aluminum, etc. If one can recognize the behavior of Silver once the commercial entities are starting to sell in larger then usual amounts, we can catch the downside action just as it starts to occur. In addition, the price action through the evident "force push" when the price is forced to a quick swing high and abruptly u-turned tends to signal that a price reversal is being confirmed. Today we have witnessed such event take place and we are now getting in position for an estimated $3+ decline in the price of silver in the coming weeks.
COMEX:SI1!Short
by kaotic363
The Break-Out We Are Waiting For? Silver has been trading within a wedge for about four years. As we approach the upper end of the resistance range, many traders are wondering if this can be the breakout that we have been waiting for. What is behind this move? There are a few potential catalysts that can explain the recent price action observed in March. Silver, similar to Gold, and BTC have seen a “decoupling” of fundamentals. Typically, all of these risk assets are very sensitive to the interest rate environment and macroeconomic momentum. Inflation in the U.S., as observed through CPI and PPI, has recently come in hotter than expected, interest rate cut expectations have been reduced, and the 10-year yield is higher. However, silver prices are also higher. This could be attributed to an “underpositioning” in commodities. Investment advisors and portfolio managers have begun to add commodities into portfolios, increasing the weighting of real assets. This could also be due to ETF inflows picking up for these metals in March. China smelters collectively came together and decided to cut production output of copper. Since silver and copper are both used in many industrial applications, this production cut in copper has also boosted silver prices. Despite recent increases in CPI and PPI, we have observed some softening in the labor market. The uptick in the Unemployment Rate, weaker Average Hourly Earnings, and the massive downward revision to Nonfarm payrolls may be aiding this rally, despite higher yields. Technicals: From a technical perspective, if silver can manage to break and close above 25.75, we could see a new bull cycle in the precious and industrial metal. Check out CME Group real-time data plans available on TradingView here: www.tradingview.com 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 www.tradingview.com *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.
COMEX:SI1!
by Blue_Line_Futures