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Silver Said To Be The Latest Target Of A Short Squeeze: XAG/USD, DXY, AUD/USD

As many traders have seen over the last week, stocks with large short positions have gotten squeezed. Traders place large bets on these heavily shorted stocks, hoping the sellers will be forced buy them back as prices move higher. Some of the targets include GME, AMC, EXPR and KOSS....

CFTC Commitments of Traders – Crude Oil Bets Trimmed Sharply on Price Correction

According to the CFTC Commitments of Traders report for the week ended January 19, NET LENGTH for crude oil futures sank -19 133 contracts to 508 584 for the week. Speculative long position slumped  -27 482 contracts, while shorts fell -8 349 contracts. As we predicted in last week's...

CFTC Commitments of Traders – Crude Oil Price Lost Momentum after Gaining Three Weeks in a Row

According to the CFTC Commitments of Traders report for the week ended January 12, NET LENGTH for crude oil futures gained +9 068 contracts to 527 717 for the week. Speculative long position rose +8 183 contracts, while shorts slipped -885 contracts. While recording its third consecutive weekly gain,...

Silver Sellers Prevail In A Ranging Market

Silver is still bearish but we could see ranging market conditions until it breaks the range (blue lines). This is consolidation playing out. If the market gets to the POC zone 26.20-26.43, expect a possible drop. Targets for the silver move are 25.12 and 24.77. The final target is 24.46....

Elliott Wave View: Silver Still Consolidating Gain In 2020

Short Term Elliott Wave view suggests the rally from September 24, 2020 low in Silver ended wave ((1)) as a leading diagonal. Pullback in wave ((2)) is now in progress as a zigzag Elliott Wave structure. Down from wave ((1)) high, wave 1 ended at 26.58 and bounce in...

CFTC Commitments of Traders – Gold and Silver Prices Corrected Sharply on Profit-taking

According to the CFTC Commitments of Traders report for the week ended January 5, NET LENGTH for crude oil futures gained +6 918 contracts to 518 649 for the week. Speculative long position jumped +28 438 contracts, while shorts rose +21 520 contracts. For refined oil products, NET LENGTH...

CFTC Commitments of Traders – Decline in Net Length Seen in Both Crude Oil and Gold as Traders Took Profit at Year-End

According to the CFTC Commitments of Traders report for the week ended December 29, NET LENGTH for crude oil futures slumped -13 971 contracts to 511 731 for the week. Speculative long position fell -9 904 contracts, while shorts gained +4 067 contracts. For refined oil products, NET LENGTH...

Silver Spot: Turning Up

Pivot (invalidation): 26.1100 Our preference Long positions above 26.1100 with targets at 26.7700 & 27.0000 in extension. Alternative scenario Below 26.1100 look for further downside with 25.9200 & 25.7400 as targets. Comment The RSI is bullish and calls for further advance.

Silver Spot: Choppy

Pivot (invalidation): 26.0700 Our preference Long positions above 26.0700 with targets at 26.6000 & 26.7700 in extension. Alternative scenario Below 26.0700 look for further downside with 25.8000 & 25.5500 as targets. Comment The RSI is mixed to bullish.  

Silver Regains Bullish Desire with Bounce off 100-day SMA

Silver gapped higher, spiking above the 26.56 resistance today, continuing the recent traction the commodity found off the 100-day simple moving average (SMA). The climbing 200-day SMA is defending the positive structure, while the flattening 100-day SMA, is endorsing waning in the commodity’s improvement. Nonetheless, the slight upturn in the...

Silver Spot: Key Resistance At 25.7500

Pivot (invalidation): 25.7500 Our preference Short positions below 25.7500 with targets at 24.9200 & 24.6700 in extension. Alternative scenario Above 25.7500 look for further upside with 26.0800 & 26.5000 as targets. Comment The RSI is mixed with a bearish bias.

Silver Spot: Rebound

Pivot (invalidation): 26.0500 Our preference Long positions above 26.0500 with targets at 26.9000 & 27.3000 in extension. Alternative scenario Below 26.0500 look for further downside with 25.6600 & 25.3500 as targets. Comment The RSI calls for a bounce.

Oil Prices Drop, Gold And Silver Rise

Oil falls on Covid-19 fears Covid-19 fears have spooked oil markets today, delivering a harsh dose of reality that even with vaccines arriving, Q1 2021 will not be a linear progression to economic recovery nirvana. With the speculative market limit-long, oil markets were primed for a high sulphur content corrective...

Silver Spot: The Upside Prevails

Pivot (invalidation): 25.9500 Our preference Long positions above 25.9500 with targets at 27.0000 & 27.5000 in extension. Alternative scenario Below 25.9500 look for further downside with 25.6500 & 25.4000 as targets. Comment The RSI shows upside momentum.

CFTC Commitments of Traders – Bets Trimmed on Crude Oil Futures as Traders Took Profit after 7-Week Rally

According to the CFTC Commitments of Traders report for the week ended December 15, NET LENGTH for crude oil futures decreased -825 contracts to 513 804 for the week. Speculative long position fell -6 539 contracts, while shorts declined -5 714 contracts. For refined oil products, NET LENGTH for...

Silver Spot: The Bias Remains Bullish

Pivot (invalidation): 25.5400 Our preference Long positions above 25.5400 with targets at 26.1000 & 26.2700 in extension. Alternative scenario Below 25.5400 look for further downside with 25.1700 & 24.9000 as targets. Comment Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Silver Spot: Further Advance

Pivot (invalidation): 24.8500 Our preference Long positions above 24.8500 with targets at 25.6100 & 25.8900 in extension. Alternative scenario Below 24.8500 look for further downside with 24.5600 & 24.2900 as targets. Comment The RSI is bullish and calls for further upside.  

Silver Spot: Further Advance

Pivot (invalidation): 24.4200 Our preference Long positions above 24.4200 with targets at 24.8600 & 25.0200 in extension. Alternative scenario Below 24.4200 look for further downside with 24.2800 & 24.1500 as targets. Comment The RSI is bullish and calls for further upside.

Silver Bulls Prepare For Massive Uptrend Above $25

Silver chart (XAG/USD) is showing a lot of potential for the bulls. The strong surge from $12 to almost $30 during March and July 2020 was an extremely impulsive price swing. The XAG/USD needs to break above the resistance trend line (orange) and fractal to confirm the uptrend continuation. Is a...

Silver Spot: Rebound

Pivot (invalidation): 23.8000 Our preference Long positions above 23.8000 with targets at 24.1300 & 24.2800 in extension. Alternative scenario Below 23.8000 look for further downside with 23.6700 & 23.5800 as targets. Comment The RSI calls for a rebound.

Silver Spot: Range

Pivot (invalidation): 24.1100 Our preference Short positions below 24.1100 with targets at 23.7200 & 23.5800 in extension. Alternative scenario Above 24.1100 look for further upside with 24.2800 & 24.4600 as targets. Comment Intraday technical indicators are mixed.

CFTC Commitments of Traders – Gold Price Rebounded after Correction

According to the CFTC Commitments of Traders report for the week ended December 8, NET LENGTH for crude oil futures decreased -2 536 contracts to 514 629 for the week. Speculative long position fell -6 251 contracts, while shorts dropped -3 715 contracts. For refined oil products, NET LENGTH...

Silver Spot: Key Resistance At 24.2800

Pivot (invalidation): 24.2800 Our preference Short positions below 24.2800 with targets at 23.7500 & 23.5600 in extension. Alternative scenario Above 24.2800 look for further upside with 24.4500 & 24.6700 as targets. Comment As Long as the resistance at 24.2800 is not surpassed, the risk of the break below 23.7500 remains high.

Silver Spot: Key Resistance At 24.1800

Pivot (invalidation): 24.1800 Our preference Short positions below 24.1800 with targets at 23.5600 & 23.3000 in extension. Alternative scenario Above 24.1800 look for further upside with 24.4300 & 24.6700 as targets. Comment As Long as the resistance at 24.1800 is not surpassed, the risk of the break below 23.5600 remains high.

Silver Spot: Turning Down

Pivot (invalidation): 24.6700 Our preference Short positions below 24.6700 with targets at 24.0000 & 23.8000 in extension. Alternative scenario Above 24.6700 look for further upside with 24.8600 & 25.0600 as targets. Comment The RSI calls for a drop.

Silver Spot: Further Upside

Pivot (invalidation): 24.2200 Our preference Long positions above 24.2200 with targets at 25.0600 & 25.3000 in extension. Alternative scenario Below 24.2200 look for further downside with 23.9000 & 23.7000 as targets. Comment The RSI is bullish and calls for further advance.

Silver Spot: Further Upside

Pivot (invalidation): 24.2200 Our preference Long positions above 24.2200 with targets at 25.0600 & 25.3000 in extension. Alternative scenario Below 24.2200 look for further downside with 23.9000 & 23.7000 as targets. Comment The RSI is bullish and calls for further advance.

Silver Spot: Consolidation

Pivot (invalidation): 24.4000 Our preference Short positions below 24.4000 with targets at 23.7200 & 23.5300 in extension. Alternative scenario Above 24.4000 look for further upside with 24.6200 & 24.8100 as targets. Comment The RSI is bearish and calls for further downside.

CFTC Commitments of Traders – Further Downside Risk for Gold Limited

According to the CFTC Commitments of Traders report for the week ended December 1, NET LENGTH for crude oil futures declined -5 474 contracts to 517 165 for the week. Speculative long position gained +4 190 contracts, while shorts rose +9 664 contracts. For refined oil products, NET LENGTH...

Silver Spot: Intraday Support Around 23.7900

Pivot (invalidation): 23.7900 Our preference Long positions above 23.7900 with targets at 24.3200 & 24.5300 in extension. Alternative scenario Below 23.7900 look for further downside with 23.5200 & 23.3100 as targets. Comment Intraday technical indicators are mixed.