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CFTC Commitments of Traders – Bets on Lower Crude Oil Price Soared

According to the CFTC Commitments of Traders report for the week ended April 13, NET LENGTH for crude oil futures plunged -19 047 contracts to 492 678 for the week. Speculative long position dropped -5 430 contracts, while shorts rose +13 617 contracts. For refined oil products, NET LENGTH...

European Open: China GDP Accelerates To Highest On Record

China's growth more than delivered in Q1 with a rise of 18.3% YoY. Still, it was slightly below expectations but, with number as punchy as these, it will do. Asian Indices: Australia's ASX 200 index rose by 1.5 points (0.02%) and currently trades at 7,060.10 Japan's Nikkei 225 index has...

Elliott Wave Analysis: Silver Breaking Out of Bullish Flag

We can see some US dollar weakness after the CPI report, so despite good numbers, seems like USD may stay down at least for a short period of time as we see metals on the way up after reaching projected support. Looking at the silver, we can see a...

CFTC Commitments of Traders – Net Long Sank in Crude Oil While Increased in Precious Metal Futures

According to the CFTC Commitments of Traders report for the week ended April 6, NET LENGTH for crude oil futures plunged -19 585 contracts to 511 725 for the week. Speculative long position fell -21 921 contracts, while shorts dropped -2 336 contracts. OPEC+'s decision to increase output from...

European Open: The FTSE Could Be ‘Quids In’ For A Breakout

It's been a good week for the UK share market with the grand reopening scheduled for 12th of April. The FTSE just needs to break the YTD high and it could be 'quids in' for a run to 7,000. Asian Indices: Australia's ASX 200 index rose by 62.2 points (0.9%)...

Silver’s Positive Impetus Looks Feeble as Bearish Risks Dictate

Silver is creeping higher to retest the durable tentative down trend line pulled from the all-time high of 30.08. However, todays footing off the flattening 50-period simple moving average (SMA) appears somewhat not up to the task at hand, as lingering above are the commanding bearish 100- and 200-period...

CFTC Commitments of Traders – Bets on Crude Oil Trimmed on Both Sides

According to the CFTC Commitments of Traders report for the week ended March 30, NET LENGTH for crude oil futures jumped +8 255 contracts to 531 310 for the week. Speculative long position fell -11 857 contracts, while shorts declined -20 112 contracts. For refined oil products, NET LENGTH...

Silver Strong Bearish Trend Continues After A Corrective Move

Silver is bearish. However, the market is in a correction mode and we should see a continuation down. There are two POC zones. The first zone 24.50-90 is the order block zone. We also might see a move down straight from the zone. The POC 2 is a retracement zone....

XAG/USD Sees Limited Bounce

Silver slipped again amid rising long-term US yields as holding the precious metal would incur a higher opportunity cost. The price has retreated to January’s low at 24.00. Profit-taking from short-term traders may help lift bids while an oversold RSI recovers into neutrality. However, sentiment would remain bearish as long as...

Silver Unfollows Gold: Where Next?

Historically, gold and silver tend to be highly correlated assets, but their strong positive relationship slightly relaxed in the first quarter of the year, making investors wonder whether this deviation could be something more than temporary in the coming years. This special report explains that although gold will remain...

Silver Signals Bearish Shift, But 200-Day SMA Provides Defense

Silver is signalling a bearish reversal following the pullback near the 20-day simple moving average (SMA) and more importantly, the close below the ascending trendline that stretches from May 2020. The 200-day SMA, however, came immediately to the rescue and it could be the last opportunity for a rebound at...

CFTC Commitments of Traders – Traders Increased Bets on Lower Precious Metal Prices

According to the CFTC Commitments of Traders report for the week ended March 23, NET LENGTH for crude oil futures declined -2 387 contracts to 523 055 for the week. Speculative long position gained +2 507 contracts, while shorts rose +4 894 contracts. For refined oil products, NET LENGTH...

European Open: Dollar Holds Firm, GBP Rises Ahead Of UK Retail Sales

The USD held onto yesterday's gains which came on the back of stronger economic data and a faster vaccine rollout. Asian Indices: Australia's ASX 200 index rose by 33.6 points (0.49%) to close at 6,824.20 Japan's Nikkei 225 index has risen by 414.78 points (1.45%) and currently trades at 29,146.00 ...

XAGUSD Wedge Break

Silver has suffered a strong decline today, following a bearish breakout below a rising wedge pattern, around the $26.10 level. According to the overall size of the rising wedge pattern on the four-hour time frame, silver could fall towards the $25.30 support zone. Weakness below the $25.30 level could...

CFTC Commitments of Traders – Profit Taking on Crude Oil Trades amidst Rising Yields

According to the CFTC Commitments of Traders report for the week ended March 16, NET LENGTH for crude oil futures sank -11 996 contracts to 525 442 for the week. Speculative long position plunged -12 000 contracts, while shorts were down -4 contracts. We should expect to see more...

XAG/USD Bounces Off Ascending Trendline

A softer US dollar is exactly what commodity traders have been waiting for. Silver is looking to safeguard its gains after the latest pop above the resistance at 26.40. An over-extended RSI was followed up by profit-taking in the supply area. However, a nascent rising trendline hints at buyers’ strong...

XAGUSD $26.40 Important

Silver is gaining upside momentum after staging a strong weekly recovery alongside gold and rallying above last weeks high. A bearish head and shoulders pattern has now been invalidated, following Wednesday’s sudden move above the $26.40 level. According to the overall size of the invalidated pattern, the price of...

XAGUSD Watching The Range

Silver is attempting to recover back towards the $26.00 resistance level as selling interest below the $25.00 area is currently lacking. Short-term analysis shows that the next large short-term move in silver could come once the $25.50 to $26.40 price range is breached. A bearish head and shoulders pattern...

$SLV Silver ETF Elliott Wave and Larger Cycles

Firstly there is data back to when the ETF fund began in 2006 as seen on the weekly chart shown below. The fund made a low in 2008 at 8.45 that has not since been taken out in price. It could have been up until The point of the...

CFTC Commitments of Traders – Crude Oil Shorts Trimmed as Price Rallied Further

According to the CFTC Commitments of Traders report for the week ended March 9, NET LENGTH for crude oil futures rallied +18 419 contracts to 537 438 for the week. Speculative long position gained +4 279 contracts, while shorts declined -14 140 contracts. For refined oil products, NET LENGTH...

XAGUSD Back Under Pressure

Silver is back under downside pressure on Friday as traders are once again focusing on the reflation trade and selling precious metals. Silver appears to have been heavily rejected after staging a technical retest towards a key symmetrical triangle pattern. The four-hour time frame shows that bears could target...

XAG/USD Recovers From Key Support

Lower treasury yields have made the non-yielding metal more attractive, right when buyers bid up the price from its daily support level (24.80). Following the previously mentioned RSI divergence, an indication of a potential reversal, silver saw a limited drop then rallied above the first resistance of 26.20. After a brief...

XAGUSD Decision Time

Silver has started to turn lower in early Wednesday trade, despite the metal staging a strong recovery back towards the $26.10 resistance area yesterday. The Parabolic SAR indicator shows that the trend on the four-hour time frame remains bullish while the metal trades above the $25.40 level. Bulls must...

XAGUSD $25.00 Critical Support

Silver is attempting to recover alongside the price of gold after suffering a major price drop towards the $25.00 support zone last week. Silver may correct back to the $25.80 or $26.00 area if bears fail to breach the technically important $25.00 support zone. Should we see the price...

XAG/USD Tests 12-Month Long Trendline

Precious metals have taken a toll as the greenback made a comeback. Silver is trying to hold on to its near-year-long rising trendline, and a successful bounce could resume the uptrend. The double dip on the line (25.80) is a serious test of the buyers’ commitment. However, an RSI divergence...

Silver Looking To Continue Down

Silver is in a downtrend and the continuation down is expected. It also correlates with gold which is super bearish last months. 26.80-93 is the zone where new sellers might join. We can also see a sort of consolidation in H1 timeframe so breakout is expected. A move down off...

XAGUSD Triangle Break

Silver is under heavy downside pressure on Thursday as gold prices continue to slump, and traders sell any major rallies in the shiny metal. A bearish breakout from a symmetrical triangle pattern is in play while the price of silver trades below the $26.80 resistance level. The Parabolic SAR...

Silver Pulling Back Within Bullish Trend

Silver (XAGUSD) formed a high on February 1 at $30.09 during the reddit #silversqueeze event. Since then, the metal has continued to pullback. The decline from February 1 peak is progressing as a zigzag Elliott Wave structure where wave (A) ended at $25.87, and wave (B) ended at $28.33....

CFTC Commitments of Traders – Traders Trimmed Bets on Crude Oil after Strong Rally

According to the CFTC Commitments of Traders report for the week ended February 23, NET LENGTH for crude oil futures fell -2 873 contracts to 511 840 for the week. Speculative long position sank -14 214 contracts, while shorts declined -11 341 contracts. For refined oil products, NET LENGTH...

XAGUSD Triangle Break

Silver is starting to look more bullish in the short-term as the metals builds on last Friday’s strong price recovery from the $26.00 support zone. A bullish triangle break has taken place on the daily time frame and suggests that the price of silver could target the $29.00 level....