Silver Monthly#Silver getting another shot at glory!
All it has to do is end the month close to 30$ and the flood gates open...
Sounds easy right?
QIH2023 trade ideas
Another Viscous Wave of Selling From $30? Gold (June) / Silver (July)
Gold, yesterday’s close: Settled at 2394.9, up 35.0
Silver, yesterday’s close: Settled at 29.729, up 1.027
Gold futures secured the highest settlement since April 19th, while Silver took out its April high settlement and traded to the highest level since February 2021. Despite the underlying strength and a terrific week, one could view the lack of overnight follow-through as disappointing, and question whether this is another magnificent failure for Silver at the $30 mark. It certainly sets the stage through the end of the week, and the precious metals complex must maintain this momentum or could face another wave of vicious profit-taking.
In order to maintain yesterday’s momentum, we must see price action in Gold hold above first key support at 2380.3 and Silver above 29.72-29.80.
Despite some of the near-term swings, we view the strength across both precious and industrial metals as sustainable over the longer-run. There is a push for increased electric power use because the green energy revolution, rising E.V. Vehicle demand, and advancements in A.I. have all strained the out-of-date electrical grid. The combination pushes demand for copper, silver, and other metallic metals higher for the first time in a decade. That comes at a time when increased regulation makes it harder to bring on additional supply.
Bias: Bullish/Neutral
Resistance: 2399.4-2404.3**, 2410.1-2413.8***
Pivot: 2385.3-2387.7
Support: 2380.3**, 2375*, 2369.7**, 2357.1-2359.9***, 2350.5-2351.6**, 2336.6-2342****, 2329-2330.7**, 2316.4-2318***
Silver (July)
Resistance: 30.00-30.19****
Support: 29.72-29.80**, 29.58-29.63**, 29.37-29.44***, 29.12-29.26***, 28.93**, 28.76***
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.
Precious Metals going up?Along with its cousin COMEX:GC1! Gold, is sharing similar characteristics of their respected moving averages as well as volume criteria needed to confirm upside potentials. With also an Inverse H&S on the chart, I have reasons to believe this precious metal price could increase
Silver Squeeze Time?Today could be the day silver finally blows. It's stalling at the previous high from the last run up now. If it breaks, things could get out of hand.
silversilver on multiyear breakout, it has succesfully crossed 800000 level , tetested and now up again for 120000 target. chart is making inverse head and shoulder pattern
Bearish setupI revisited silver futures lately and noticed a double three wave pattern unfolding since Sept 2021 as the 'B' wave. We can break down this 'B' corrective wave as a W-X-Y wave, with W as a flat, X as a contracting triangle and Y as a single zigzag.
I believe this B corrective wave for silver is completed and it should be on the path of an impulsive 'c' wave with a target price of 11 USD region.
Silver Quarterly 27$ WallIf you are wondering why #Silver is freezing up...
All you need to do is look at its quarterly chart.
I can't over emphasize the importance of the wall at 27$.
11 times it was denied, making it a critical level.
Bullish momentum is putting upwards pressure on it.
Silver MCX May Future Technical Chart Analysis 29 April These levels offer guidance for traders interested in trading Silver MCX Futures in May, providing specific entry points, target prices, and stop-loss levels to manage risk.
Range Point: 80,680
Day Range: 958 points
Buy Above: 81,034
Average At: 80,921
Buy Target 1: 81,272
Buy Target 2: 81,638
Buyer Stoploss: 80,715
Sale Below: 80,808
Sale Target 1: 80,088
Sale Target 2: 79,722
Seller Stoploss: 81,127
#silver mcx symmetrical triangle forming After todays gap down opening
market is trying to form a symmetrical triangle
looking for a short entry
Dive into the world of options with our latest Silver analysis!In the next two options, with expiration dates on May 28 and June 25, bullish sentiment appeared on silver. Starting on April 19, the participant collected bullish spreads with construction sites 31/31.5 and 32.5/35 in his portfolio.
Based on the delta values of these strikes, these spreads can be classified as aggressive. The following is noteworthy: The position set has a systemic character, even in a negative scenario. But We cannot claim that the participant holds these portfolios without hedging.
Further monitoring of the outflow/inflow of open interest will give a hint about the participant's actions and a sentiment for further price movement.
SILVER INSIGHTSwe delve into the dynamic world of growing stocks, commodities, and indices providing valuable analysis and commentary on significant levels that traders need to keep an eye on. From crucial support and resistance zones to potential breakout points, we aim to equip you with the insights you need to navigate the stocks with confidence.
Stay tuned for regular updates, technical analysis, and market commentary to help you stay ahead of the curve in your trading journey. Whether you're a seasoned investor or just dipping your toes into the market, our publication strives to provide actionable insights to enhance your trading decisions.
Join us as we uncover the nuances of all stocks, commodities, and indices and uncover opportunities in this ever-evolving market landscape. Don't miss out on the latest analysis – hit that follow button and embark on your journey to trading success with us.
LOOKING FOR SHORT TRADE IN SILVERA nice risk to reward we can get here after a sharp correction market took 2% pullback now i can plan this short trade
Silver's quarterly wallIf you had any doubts about the 27-28$ resistance for silver...
More important the resistance, more important the breakout can be.
SILVER WILL BE MUCH HIGHER IN 2024Early forecast for 2024, SILVER will be MUCH HIGHER.
In recent weeks I have started to accumulate SILVER and a number of precious metals mining stocks. I believe both will be going much higher over the net year+.
Currently $23+ I believe we shall see $26+ by early 2024 followed by $30+ over coming quarters.
Silver to $38The move from March 2020 to August 2020
Was a measured move that played out to the Tee.
We have a similar structure building that projects to the High 30's
Suggesting #Gold move beyond ATH's and #Silver the beta play to move faster in an attempt to catch up, and move towards it's high's again.
Silver hitting HARD opposition at 28$.Silver hitting HARD opposition at 28$.
Silver Important Breakout Line is Also Resistance...
not a good look if the upper wick continues to grow on monthly candle
SILVER BULLISH NEXT TARGET 100860SIlver Bullish on Strong Demand
LEVEL Support 79423
Target 84480/90730/100860
Silver need a reset!Yes, I gotta put this out there...
If #Silver is to reach much higher price targets, it won't do it in an absolute straight line!
Unless you zoom out to higher time frames, where shorter term corrections can't be seen.
If you are seeking for higher price points for #silver, you should hope it doesn't SUPER HEAT now on smaller time frames.
That type of FOMO driven price action can imply more important corrections, which will require more time to heal the price chart.
Sanity Check: Channeling Silver's Recent (+ not so recent) MovesChannels are an incredible tool for technical analysis. Today we're going to put them to the test with the recent moves up in silver, as it looks like the precious metal is currently sitting at a decision point that can (still) go either way.
MEASURING IMPLICATIONS OF CHANNELS
The real power of channeling is greater than just working with a supportive/resistive trend line; there are measuring implications that are often remarkably accurate in forecasting. Once a (valid) channel is broken, tested, and confirmed to have broken, the subsequent move is usually between .5-1.0 the width of the broken channel. You can think of that .5 level as a micro channel within a channel.
Depending on this week's close outside of the bullish channel, we can safely say the weight of evidence lies in favor of bullish continuation. If that does indeed materialize, silver could have an incredible run just around the corner, especially as markets continue to price out cuts.
**Two partial retraces are circled to illustrate their significance in indicating a faltering channel. Important to note that the first circle (the bearish partial retrace) is only useful in hindsight, as the uppermost channel was not valid at the time.
If Support Breaks, Where Does Silver Go?Gold (June) / Silver (May)
Gold, yesterday’s close: Settled at 2348.4, down 14.0
Silver, yesterday’s close: Settled at 28.052, up 0.068
Yesterday’s warm CPI and weak 10-year auction paved the way for a much-needed consolidation day for Gold and Silver. Still, the precious metals complex battled valiantly, exuding bull market trends within the intraday swings. Geopolitical headlines are certainly helping to stave off indiscriminate selling, but we now look to another slate of inflation data via PPI, coupled with an ECB policy decision this morning and a 30-year Bond auction at noon CT.
Silver futures even went as far as setting a new local high after yesterday’s CPI data, but the broad risk-off undertow was just too much. Construction in Silver out above yesterday’s low of 27.64-27.76 and support aligning with Gold’s low of 2340.1-2343.1 should help fuel a bull continuation into the weekend. In the event of further weakness, we have additional levels of significant support highlighted below.
Bias: Bullish/Neutral
Resistance: 2363.7-2364.1**, 2369.4-2371***, 2380.2-2384.5***, 2400**, 2466.5***, 2539.3-2560.1****
Pivot: 2355
Support: 2348.1-2351***, 2340.1-2343.1***, 2334.2-2337.1***, 2321.7-2325.3***, 2315.7**, 2298.7-2299.6***, 2285.7-2286.2***, 2279-2281.8***
Silver (May)
Resistance: 28.15-28.24**, 28.39-28.44**, 28.57-28.66***, 28.71-28.90**, 29.22***, 29.88-30.35***
Pivot: 28.05
Support: 27.84-27.90**, 27.64-27.76***, 27.34-27.51***, 26.93-26.97***, 26.40-26.48***
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.
gold vs cpi + silverAnd guess what happened next to #silver after #gold broke out versus #inflation?
Reminder that #storylines and #narratives are land mines and traps for #traders.
Stay clear of them. Stick to the unbiased, objective evidence... #charts!
