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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....

Asian Open: Risk-off With A Twist Sends Wall Street Lower

Wall street was lower overnight as rising bonds yields continued to spook equity investors yet act as a tailwind for commodities and related forex markets. Asian Futures: The ASX 200 is expected to open flat with futures moving sideways overnight. Although Wall Street's negative lead could weigh on the index...

Silver Alert: XAG/USD On The Move Again

Nope, it's not a short squeeze this time! Silver is moving higher today, up nearly 3.25%, along with other commodities, including Gold which is up 1.3% as well. Commodities, inflation and inflation expectations have been moving higher, and it seems the precious metals were the last to join the...

CFTC Commitments of Traders – Platinum Rallied to 6-Year High on Strong Demand Expectations

Precious metals were mixed last week. According to the CFTC Commitments of Traders report for the week ended February 16, gold futures’ NET LENGTH slumped -16 438 contracts to 234 969 while silver futures’ NET LENGTH added +281 contracts to 49 824. For PGMs, NET LENGTH of Nymex platinum...

XAGUSD Looking Lower

Silver is starting to come under heavy selling pressure after the price of the gold plunge by over $30.00 on Tuesday as the US dollar started to firm. The Bollinger Band indicator on the four-hour time frame shows that the bans are widening, which usually indicates a large trading...

CFTC Commitments of Traders – Platinum Catches Up with Precious Metals’ Rally

Crude oil price strengthened for the second consecutive week but the gain was last than the prior week. We expect to see more profit-taking in the coming weeks. Concerning the precious metal complex, silver retreated after rallying to the 8-year high in the prior week. The rally in precious...

Silver is Preferred to Gold as Global Economy Recovers and Green Energy Gains Attention

While silver’s retreat from the 8-year high suggests that the media-inspired short squeeze has failed and further correction is likely, the metal should benefit from the global economic recovery and the new US fiscal stimulus package in the longer-term. Although both are in the precious metal category, silver will...

CFTC Commitments of Traders – Crude Oil Broke Above Recent Narrow Range

According to the CFTC Commitments of Traders report for the week ended February 2, NET LENGTH for crude oil futures dropped -5 438 contracts to 499 174 for the week. Speculative long position dropped -932 contracts, while shorts added +4 506 contracts. WTI crude oil price broke above recent...

Week Ahead: Is the Focus on Stimulus or Inflation?

Markets were back to their old selves last week, as the short squeeze drama surrounding GME subsided. Joe Biden seems to be off to a good start as US President,  as his $1.9 trillion stimulus proposal makes its way through Congress. US Non-Farm Payrolls were in line with expectations,...

ADP Impresses, Crude Rally Continues, Gold Stumbles on Strong US Data

US stocks initially pushed higher on big-tech earnings, expectations Senate Democrats will pass Biden's stimulus plan on a party-line vote, and after the ADP private payroll report shows the labor market rebounded in January. The morning rally fizzled at the open as some investors quickly headed for the sidelines...

Silver Falling Like A Stone

Silver made a bounce and it was expected to drop. The drop happened at important resistance so we are close to the POC zone now. 25.60-26.05 is the Point of Confluence zone. We also see the ATR low and D L3 camarilla which is projecting a possible bottom. When the...

Oil Pops, Gold Tumbles, Bitcoin Is Back

Gold and silver retreat Gold got hit with a trifecta of bad news: US stocks are surging again, gold ETF holdings have dropped for a fifth straight day as the scramble towards silver continues, and as the dollar rally accelerates against the euro. It’s been a bloodbath for commodities apart...

Silver Drops Sharply after False Break Above $30

Spot silver fell sharply on Tuesday (down nearly 7% until early hours of the US session) following short-lived surge to eight-year high on probe above $30 barrier on Monday. The rally stalled after huge buying by a pack of small traders showed signs of fizzling out, despite calls over social...

Bored With A Silver Spoon

Silver flirts with USD30, US dollar higher Reddit-mania continued to hog the headlines overnight, with silver briefly trading above USD30.00 an ounce before easing to USD29.0300 an ounce, still a 7.55% gain on the day. Momentum is ebbing though, as the CME raised margin requirements on silver futures by 18.0%...

Dollar Holds Firm After Gains As Stimulus Eyed, Reddit Frenzy Eases

Dollar approaches 2-month top as stimulus hopes push up yields, euro falters Stocks rise again as Wall Street rebounds, retail craze cools, silver plunges Aussie bounces back, shrugs off surprise QE boost by RBA A dollar comeback? The US dollar appears to be on the rise again, mirroring a similar...

Silver in deep retreat, but up trend not over yet

Silver's sharp decline today suggests that near term rally is temporarily over after breaching 30 handle just very briefly. Covering of Monday's gap suggests that it has now turned into consolidations. While deeper pull back cannot be ruled out, we're not expect a change in the trend yet. Strong...

XAGUSD $30.00 Key

The price of silver has staged a major technical pullback after finding strong early-week resistance from the psychological $30.00 level. Traders that are bullish towards silver may look for the metal to head towards the $27.00 support level before initiating buy positions. Overall, silver has a strong short-term bullish...

Elliott Wave View: Silver Broke To 52 Week High

Silver has made a new 52 week high this week suggesting last year’s correction is over. From the 60 minutes chart below, we can see the rally from January 18 low is unfolding as a 5 waves impulsive Elliott Wave structure. Up from wave ((2)) low on January 18,...

How Much Higher Can Silver Go? XAG/USD

Lots of chatter over the weekend that the Silver ETF (SLV) could be the next $GME. If traders could indeed buy the ETF and squeeze out shorts, that in turn would drag the cash market and the futures market higher with it. Physical bars of silver were in strong...

Swiss in Broad Based Selloff While Silver Steals the Show

Swiss Franc's selloff is a major focus in the forex markets today, in particular, as it breaks through a key support level against Sterling. The development somewhat drags down the Euro too. The Pound and Dollar are currently the stronger ones while commodity currencies are mixed. Stock markets are...

Silver Flies To 8-Year High, But Struggles To Claim 2020 Top

Sliver opened 4.5% above last week's closing price on Monday and on the top of January's peak of 27.91 before accelerating towards a new 8-year high of 30.07. Despite the fast rally, the price seems to struggle to surpass the 2020 peak of 29.83, while not far above today's peak,...

Stocks Steady As Retail Traders Switch Focus To Silver

Silver rockets higher as it becomes the new target for Reddit traders Equity markets a lot calmer but growth worries, vaccine doubts cap gains Pound leads FX majors, euro tarnished by EU's vaccine mess Retail investors pile in on silver as Reddit frenzy continues The war between the establishment on...

Retail Traders Switch To Silver Following Attack On Hedge Funds

Earnings from big tech names, the Federal Reserve's monetary policy meeting, Covid stimulus aid, economic data and vaccines rollout were supposed to be the big factors moving markets the past week. Instead, it was the battle between retail investors and hedge funds that burst out of nowhere that took...

Silver accelerating towards 30 after gap up, next is 33.1

Silver's rally accelerates after gapping up today and hits as high as 29.22 so far. The strong break of 27.91 resistance confirms resumption of near term rise from 21.88. Next target is 100% projection of 21.88 to 27.91 from 24.12 at 30.15, which is close to 29.84 high. We're indeed...

CFTC Commitments of Traders – Silver Price Rallied on Safe-Haven Demand as Wall Street Slumped

According to the CFTC Commitments of Traders report for the week ended January 26, NET LENGTH for crude oil futures dropped -3 972 contracts to 504 612 for the week. Speculative long position rose +11 560 contracts, while shorts jumped +15 532 contracts.  For refined oil products, NET LENGTH...

Traders Still Pushing Silver Higher. Could it Really Be the Next GME?

XAG/USD continues to push higher.  After yesterday’s move, in which the Silver ETF (SLV) was suspected of being the next target of a short squeeze,  the move continues…and it is dragging Gold along for the ride.   Precious metals are typically used as inflation hedges.  As the US Dollar moves...