SILVER

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Original post to Members -09th Sep 2020

Posted here - 11th Sep 2020

[Silver December futures Update] Silver continues to remain in a corrective wave within a larger degree bullish set up. At a macro-level, the bullish set up is buttressed by adjacent critical key supports in the 20-22 zone at 22.30-22.50, 21.20-21.40 & 20.10-20.60. (slightly calibrated)

That said, at a micro-level, Silver needs to surpass the key resistance at 27.70-28.00 followed by 29.20-29.30 to pull itself out of this correction wave. As long as these resistances hold, the immediate key supports at 25.90-26.10 and 24.20-24.40 remain exposed.

 

 

Original post to Members -03rd Sep 2020

Posted here - 04 Sep 2020

[Silver December futures Update] 

Silver has receded exactly from the key resistance at 28.80-29.30 shared in the previous update and is now approaching the newly formed key support at 26.55-26.85. Only a sustained break of this level shall expose the next key support at 24.10-24.40.

The larger degree critical key supports continue to remain at 22.30-22.50, 21.80 & 20.50-20.90

Original post to Members -24th Aug 2020

Posted here - 28th Aug 2020

[Silver September futures Update] 

Silver has receded exactly from the key resistance at 28.55-29.15 provided in the previous updates (tagged). As long as this holds, the micro-level key supports at 25.30-25.65 and 24.40-24.60 remain exposed. 

A sustained break of 24.40 has the potential to set up the test of the larger degree (macro-level) key supports at 22.90-23.20, 22.30-22.40 & 21.30-21.50, which are all adjacent to each other. 

Silver shall remain an extremely volatile instrument over the next few weeks making $1-2 moves in a heart beat. Such larger degree volatility & whipsaw will require traders to operate with a clear capital allocation (position size) plan with solid risk management, trading discipline & last but not the least, a strong stomach & an ability to control emotions during wild moves.

Please know your parameters and plan accordingly

Original post to Members -18th Aug 2020

Posted here - 26th Aug 2020

[Silver September futures Update] At a macro-level, Silver continues to maintain supports in the 21-23 region at 22.90-23.20, 22.30-22.40 & 21.30-21.50 , all adjacent to each other. 

At a micro-level, key supports have formed at 25.30-25.65 and 24.40-24.60.

These support levels may come into play if Silver fails to surpass the key resistance at 28.55-29.15 (slightly calibrated), which it is currently negotiating.

Original post to Members -14th Aug 2020

Posted here - 21st Aug 2020

[Silver September futures Update] Let's quickly review the technical parameters in Silver in greater detail.

In the larger degree (big picture), Silver has three key supports, 22.90-23.20, 22.30-22.40 & 21.30-21.50 , all adjacent to each other. Think of them as a layer of forts constructed by the bulls to strongly defend their set up. In a nutshell, 21-23 region remains the stronghold of the bulls.

Silver bounced off very close to the first critical key support level (shared in the previous update), a couple of days back, after the massive sell off. 

Silver will now need to ensure that any corrective pullback holds above this critical support region. This is an important condition that should be met to provide a good foundation for the next wave up. If the critical support levels get taken out, the larger degree wave patterns shall get complex & will need to be re-evaluated.

The key resistances are at 27.90 followed by 28.45-28.86.

Silver shall remain an extremely volatile instrument over the next few weeks making $1-2 moves in a heart beat. Such larger degree volatility & whipsaw will require traders to operate with a clear capital allocation (position size) plan with solid risk management, trading discipline & last but not the least, a strong stomach & an ability to control emotions during wild moves.

Please know your parameters and plan accordingly

Original post to Members -12th Aug 2020

Posted here - 15th Aug 2020

[Silver September futures Update] For the last many days, we have been cautioning about both Gold & Silver approaching some serious larger degree resistances, which have the ability to trigger deep corrections.

Specifically in our previous update (tagged), we had mentioned that failure to break the larger degree key resistance at 29.80-30.00 zone shall set up the test of the key support at 25.32-25.60. 

In the massive sell-off today, not only did this support break, but the next key support at 24.40-24.55 is also hanging by a thread. 

A sustained break of 24.40 has the potential to set up a test of the critical key support at 22.90-23.20

Silver shall remain an extremely volatile instrument over the next few weeks making $1-2 moves in a heart beat. Such larger degree volatility & whipsaw will require traders to operate with a clear capital allocation (position size) plan with solid risk management, trading discipline & last but not the least, a strong stomach & an ability to control emotions during wild moves. \

Please know your parameters and plan accordingly

Original post to Members -10th Aug 2020

Posted here - 14th Aug 2020

 

[Silver September futures Update] Silver has bounced off the support at 27.11-27.42 shared in the Friday update (tagged). However, it will need to take out the key resistance at 29.80-30.00 if it intends to target the next macro-level key resistance at 31.25-31.44. As articulated in the previous updates, it is important to keep in mind that Silver has some serious larger degree resistances in the 29.80-32.50 zone.

Failure to break 30.00 has the potential to set up a retest of the key supports at 27.11-27.42 followed by 26.10-26.30 and 25.32-25.60. 

Silver shall remain an extremely volatile instrument over the next few weeks making $1-2 moves in a heart beat. Such larger degree volatility & whipsaw will require traders to operate with a clear capital allocation (position size) plan with solid risk management, trading discipline & last but not the least, a strong stomach & an ability to control emotions during wild moves. 

Please know your parameters and plan accordingly

 

Original post to Members - 7th Aug 2020

Posted here - 8th Aug 2020

[Silver September futures Update] In the previous update (tagged), we had clearly articulated that Silver was approaching some "serious larger degree resistances." Important to note that a couple of macro-level key resistances reside in the 29.80-32.50 zone. 

Silver did hit the key resistance at 29.80-30.00 mentioned in the last update, a few hours back & receded quickly from it. It is a great example of how markets respect technical levels even during extremely wide ranging & volatile moves.

 

Silver will need to break this key resistance if it intends to target the next macro-level key resistance at 31.25-31.44. 

Failure to break 30.00 has the potential to set up a retest of the key supports at 26.10-26.30 followed by 25.32-25.60. 

A nearby local support has also formed at 27.11-27.42.

Silver shall remain an extremely volatile instrument over the next few weeks making $1-2 moves in a heart beat. Such larger degree volatility & whipsaw will require traders to operate with a clear capital allocation (position size) plan with solid risk management, trading discipline & last but not the least, a strong stomach & an ability to control emotions during wild moves. 

Please know your parameters and plan accordingly

Critical Key levels >> Key levels >> Local levels (in terms of strength)

Original post to Members - 6th Aug 2020

Posted here - 8th Aug 2020

[Silver September futures Update] Silver has hit the target key resistance at 28.20-28.45 as articulated in the previous update (tagged). 

While further extension to the next key resistance at 29.07-29.20 followed by 29.80-30.00 cannot be completely ruled out, it is important to note that Silver (like Gold) is also approaching serious larger degree resistance zone. Hence it is important for longs to protect substantial gains by continuously moving their stop losses.

Key supports have formed at 26.70-26.80 followed by 25.90-26.20

Original post to Members - 30th July 2020

Posted here - 3rd Aug 2020

[Silver September futures Update] Let us review the Silver technical map in greater detail with both larger & smaller degree parameters:

Support Levels

At a macro-level, Silver remains in a super bullish set up as long as it holds above the critical key support at 19.15-19.30 & preferably, above the key support at 20.40-20.70. Any violation of these support levels, especially 19.15, shall be a strong indication of a meaningful top.

At a micro-level, Silver has key supports at 21.10-21.35 and 21.80-21.90. These shall be the second layer of defense in an event the nano-level key support at 22.17-22.47 fails to hold during volatile whipsaws. Please note that Silver has already held the nano-level key support area once, during the abrupt sell off, a couple of days back.

 

Resistance Levels

Silver has now formed the first layer of key resistance at 25.10-25.20. A sustained break of this level shall target the next key resistance at 26.31-26.79.  

Taking out 26.79 shall set up the test of the next key resistance at 28.20-28.45 followed by 29.80.

Silver shall remain an extremely volatile instrument over the next few weeks making $1-2 moves in a heart beat. Such larger degree volatility requires traders to operate with a clear capital allocation (position size) plan with solid risk management, trading discipline & last but not the least, a strong stomach & an ability to control emotions during wild moves. 

Please know your parameters, understand your emotions and plan accordingly

 

Original post to Members - 28 July 2020

Posted here - 28 July 2020

[Silver September futures Update] Our previous update (tagged) mentioned three important points:

1] Silver shall approach the key resistance at 26.31-26.79
2] Wave(iv) shall see a "very abrupt" correction. Hence, longs should protect their gains.
3] Silver has the nearest key support at 22.17-22.47.

In the last 12 hours, all three points have been perfectly satisfied. Silver first hit very close to the lower bound of the key resistance, receded "very abruptly" by more than $2 in just 15 minutes & finally sought shelter near the key support where it is attempting a bounce.

The above case is a great example of how technicals not only identify key zones of reversals but also provide great insights on the trend & also its behavior. Learn to use such analysis to your advantage as a solid tool in planning your trades & managing your risks. Work on a sustainable trading plan centered around technicals & good risk management. Money & returns shall automatically follow.

Back to Technicals

What's Next?

In our previous update, we had mentioned that when wave(iii) completes, a wave(iv) shall begin with a "very abrupt" correction which shall then be followed by a choppy consolidation phase. Wave(iv)s are irregular & full of whipsaws. The next few sessions may witness this choppy wave(iv) consolidation. 

From a technical perspective, Silver has bounced off exactly from the key support at 22.17-22.47. The key resistance continues to remain at 26.31-26.79

FOMC event tomorrow may bring volatility in Silver. Kindly operate with the best trading discipline during this window.

Original post to Members - 28 July 2020

Posted here - 28 July 2020

[Silver September futures Update] In our previous updates (tagged), we had shared that the super-bullish wave(iii) structure in Silver shall open the gates to 26-28 zone once it surpasses 23.90.

Silver is now approaching this region. The next key resistance is the 26.31-26.79 zone.

The key support continues to remain at 22.17-22.47.

Please note that Silver is continuing to make a massive move in wave(iii). When a wave(iv) correction/retracement comes after completing wave(iii), it shall begin very abruptly. Hence, it is important for longs to continuously move stop losses to protect substantial gains.

Important to reinforce that Silver shall remain extremely volatile over the next few sessions. Please do not operate at random levels as it has the potential to make a sizable move in a matter of just few minutes.

Original post to Members - 24 July 2020

Posted here - 26 July 2020

[Silver September futures Update] Let's review the Silver technicals in greater detail.

When Silver was trading in the 19 zone, we had mentioned that Silver shall adopt a super bullish structure once it surpasses the critical key resistance at 20.35. You might have observed how Silver rushed to 23+ by unleashing a wave(iii) in less than 24 hours, immediately after taking out 20.35.

A super-bullish larger degree wave(iii) is analogous to a tsunami or akin to a war where one side is enormously stronger & highly sophisticated than the other. One cannot operate against the trend in such a situation. It would be like fighting a tsunami with a small boat or taking on an exceedingly stronger side with a small garrison of troops. It shall not work. Hence, trading against the trend in such set ups is best avoided until there is a meaningful signal of a correction or a top.

We have already covered in detail (in the gold update) on how wave(iii)'s often tend to over-extend in metals.

 

Back to the technicals

Silver has now formed a bunch of lower key supports at 20.41-20.90 followed by 21.20 and 21.80-21.85. Silver will need to at least break 21.80 to provide an initial indication that wave(iii) has completed and a wave(iv) consolidation & a deeper correction has begun.

Until then, Silver still has the license to extend in wave(iii) to retest the key resistance at 23.52-23.90, a break of which shall expose the next key resistances at 24.30-24.50 followed by 25.20-25.45. Also, note that Silver has attempted this region three times so far & then receded from it.

What happens after wave(iii)?

Just like how water recedes in a turbulent manner after a tsunami, a wave(iv) filled with choppy consolidation & correction begins for many days/weeks after which a new larger degree smooth wave(v) takes birth to challenge the highs again.

Over the next few weeks & months, Silver shall provide a plethora of excellent trade set ups. What is important is to avoid FOMO & to stick to good trading discipline & solid risk management.

 

Original post to Members - 22 July 2020

Posted here - 22 July 2020

[Silver September futures Update]  When Silver decides to make a move, it has the potential to make massive one sided & extended moves that can SHOCK the market. It is highly risky to trade against the trend in a super-bullish set up since corrections/retracement can be brief or truncated.

This is how we ended the last post which is exactly what has played out in Silver. 

Silver has uprooted the key resistance at 21.95 in a flash. The next key resistances are 23.19 followed by 23.52-23.73. Nearby supports are yet to form.

Please note that Silver shall remain extremely volatile over the next few trading sessions. So, kindly operate with the best trading discipline.

Original post to Members - 21 July 2020

Posted here - 22 July 2020

[Silver September futures Update] In our previous updates, we had shared that Silver shall open the gates to super-bullish scenarios as soon as it provides an impulse break of the critical key resistance at 20.35. An upside move of more than a dollar within a few hours of this break is a testimonial to this fact.

Silver has now formed a key support at 20.00-20.20. As long as this holds, Silver shall continue to remain in a super-bullish set up. Only a break of this support shall require us to re-evaluate this pattern.

Silver has already hit the lower bound of the key resistance at 21.40-21.70 shared in the previous update & has the potential to extend to the next nearby key resistance at 21.90-21.95.

It is highly risky to trade against the trend in a super-bullish set up since corrections/retracement can be brief or truncated. When Silver decides to make a move, it has the potential to make massive one sided & extended moves that can SHOCK the market. Shorts are best avoided in a super bullish set up.

Original post to Members - 21 July 2020

Posted here - 22 July 2020

[Silver September futures Update] Silver has broken out of the congestion zone that it was meandering around for the last many days. It has now formed a key support at 19.55-19.79. As long as Silver operates above this support, it has the potential to target the next key resistance at 21.40-21.70.

Original post to Members - 15 July 2020

Posted here - 16 July 2020

[Silver September futures Update] Silver has bounced right off the key support at 19.10-19.20 yesterday and is now moving back towards the zone of congestion between 19.85-20.35 which is also a critical key resistance zone.

Only an impulse break of 20.35 shall open the gates to super-bullish scenarios in Silver. 

It is important for the key support to hold for continued bullishness in Silver. A break below 19.10 shall be an initial warning of a potential interim top.

Original post to Members - 13 July 2020

Posted here - 15 July 2020

[Silver September futures Update] In line with the previous update (tagged), Silver has bounced off exactly from the key support at 18.80-18.90 last week and has now reached the target key resistance zone at 19.65-19.80. 

Silver shall now be approaching a zone of congestion between 19.85-20.35 which is also a critical key resistance zone. Only an impulse break of 20.35 shall open the gates to super-bullish scenarios in Silver. 

A new layer of key support has formed at 19.10-19.20. It is important for this support to hold for continued bullishness in Silver. A break below 19.10 shall be an initial warning of a potential interim top.

Know your parameters & plan accordingly

Original post to Members - 09 July 2020

Posted here - 12 July 2020

[Silver September futures Update] Silver has formed a key support at 18.80-18.90. As long as Silver holds above this level, it can continue to display immediate bullishness. The next key resistance is at 19.65-19.80.

Only a sustained break below 18.80 shall open the gates to deeper correction. We shall elaborate this micro-pattern in case of a break.

Original post to Members - 06 July 2020

Posted here - 12 July 2020

[Silver September futures Update]  Silver is in a messy consolidation and needs to remain over the 18.33-18.55 key support to hold on to the bullish scenario. It will need to break the key resistance at 18.81-18.98 followed by the critical key resistance at 19.20-19.26 for continued bullish traction.

Original post to Members - 26 June 2020

Posted here - 29 June 2020

[Silver July futures Update] Silver is simply meandering listlessly between the newly formed key support at 17.43-17.45 and the key resistance at 18.19-18.22. 

In the big picture, Silver needs to remain above the critical key support at 17.01-17.23 for the bullish trend to maintain its sacrosanctity. A break above the key resistance at 18.19-18.22 shall provide more fillip to the uptrend.

A sustained break of 17.01 shall be a signal of an upcoming deeper correction.  

Trading Gold & Silver simultaneously is best avoided from a risk point of view since they tend to tag-along in line with the Gold-Silver ratio

Original post to Members - 24 June 2020

Posted here - 28 June 2020

 

[Silver July futures Update] Silver is emulating Gold, but has been underperforming. It has receded from near the key resistance at 18.19-18.22. 

For the bullish trend to maintain its sacrosanctity, any corrective pullback in Silver should not break the critical key support zone at 17.01-17.23. A sustained break of this critical level shall be a signal of an upcoming deeper correction.  

Trading Gold & Silver simultaneously is best avoided from a risk point of view since they tend to tag-along in line with the Gold-Silver ratio.

Original post to Members - 23 June 2020

Posted here - 28 June 2020

[Silver July futures Update] In our previous update, we had mentioned that Silver has formed a key support at 17.70-17.75 and it needed to hold above this level to ensure that it is not pushed into another round of correction. Silver tested the critical support level earlier today & then managed to bounce off it just in time.

Silver has now formed a key resistance at 18.19-18.22. It will need to surpass this level to restore continued bullishness to the next key resistance at 18.68-18.81. 

Failure to break 18.22 may set up another test of the critical key support.

Original post to Members - 16 June 2020

Posted here - 18 June 2020

[Silver July futures Update] Silver is now approaching the target at the critical key support at 17.12-17.23 as articulated in the last update.

Important to note that for Silver to maintain an immediate bullish scenario, it shall have to hold on to this critical support. A sustained break of this level shall open the gates to much lower levels in Silver that shall be elaborated in case this support dosen't hold.

Original post to Members - 12 June 2020

Posted here - 18 June 2020

[Silver July futures Update] In our previous update, we had mentioned that Silver shall head to the lower supports after its failure to break the key resistance zone at 18.46-18.54. 

Silver has formed a new key resistance at 17.88. As long as this holds, Silver has the potential to target the critical key support at 17.12-17.23.

 

 

Original post to Members - 11 June 2020

Posted here - 11 June 2020

[Silver July futures Update] Silver has moved exactly in line with the previous updates. 

It has bounced off the key support zone at 17.30-17.45 and then reached very close to the key resistance zone at 18.46-18.54 yesterday. It has however failed to surpass this zone in the first attempt. This is an important level and it holds the key to Silver heading to 19+ region. 

At a micro-level, as long as the key resistance at 18.46-18.54 holds,  the key support zone at 17.30-17.45 remains exposed.

Original post to Members - 09 June 2020

Posted here - 11 June 2020

[Silver July futures Update] Silver has hit the key support zone at 17.30-17.45 mentioned in the previous update (tagged) & bounced off it. At a micro-level, it has also formed a new layer of key support at 17.65-17.69.

Silver shall need to hold above these support zones if it intends to restore its macro-level bullish pattern and target the key resistances at 18.46-18.54 & higher.

FOMC/Fed event in the next 36 hours has the potential to introduce significant volatility in Silver.

Original post to Members - 03 June 2020

Posted here - 06 June 2020
 

[Silver July futures Update] At a micro-level, Silver has now formed a critical key resistance at 18.95 & a key resistance at 18.46. Only a sustained break through at least the first key resistance above shall open up potential bullish scenarios again. 

Else, the correction shall continue to the key support at 17.30-17.45, a break of which shall expose the next key support at 17.10-17.14 (slightly calibrated)

At a nano-level, the first hurdle for Silver is the key resistance at 18.02-18.10.



Original post to Members - 02 June 2020

Posted here - 05 June 2020

[Silver July futures Update] In yesterday's update, we had cautioned that Silver was approaching multi-month resistance zones & it was important for longs to protect substantial gains by moving their stop losses.

Silver is currently negotiating with the key support at 18.10-18.16.

 

This is an important level that needs to hold for the continuation of the current bullish pattern. A sustained break of this support has the potential to open the gates to the next key support at 17.12-17.18.

Original post to Members - 29 May 2020

Posted here - 01 June 2020

[Silver July futures Update] Silver is moving in line with the previous update (tagged).

 

Like we had mentioned, the wave(iv) whipsaw, earlier this week, took Silver all the way near its key support at 17.18. Silver then bounced off this support to finally reach the key resistance at 18.30-18.50.

As you can see, Silver is currently negotiating the key resistance zone. Only a strong impulse break of this zone shall target the next key resistance at 18.75-18.84 

At a nano-level, to facilitate the break of this resistance immediately, Silver shall need to hold above the newly formed key support at 18.01-18.03. In other words, any correction at the key resistance zone at 18.30-18.50 should not violate this nano-support area.

In an event, Silver breaks below 18.01, another visit to the lower level key support at 17.18 cannot be ruled out.

Know your parameters & plan accordingly

Please note that Silver is now approaching multi-month resistance zones. Hence it is important for positional longs from 14, 15 ,16 zones to protect their gains by constantly moving their stop losses.

Original post to Members - 26 May 2020

Posted here - 01 June 2020

[Silver July futures Update] Providing a detailed note by summarising the previous updates for more clarity. Please review carefully.

At a MACRO-level, Silver continues to remain in a larger degree bullish set up as long as it is above the critical key support at 15.85-15.95.

At a MICRO-level, Silver shall need to hold above the key supports at 17.18, 16.99-17.02 OR 16.70-16.80 to target the next key resistance at 18.30-18.50.

At a NANO-level (smallest degree), Silver has a local resistance at 18.05. It shall have to surpass this level to head to the key resistance at 18.30-18.50. 

Below the local resistance at 18.05, Silver is in wave(iv) which can generate frequent whipsaws, sometimes all the way to the key supports at the micro-level. It is important to be aware & cautious of this dangerous wave(iv), especially if one is trading with an intraday view.

 

Original post to Members - 18 May 2020

Posted here - 25 May 2020

[Silver July futures Update] Silver achieved both the targets mentioned in the Friday update (tagged).

The critical key support continues to remain at 15.85-15.95.

 

Silver shall remain in a bullish micro-pattern as long as the price action holds above this level. With the massive move that Silver has made over the last few days, it has facilitated formation of multiple support layers that has the potential to hold any pull back or correction.

Key supports have formed at 17.10 and 16.56 followed by another key support zone at 16.20-16.38.

As long as these hold, Silver has the potential to retest the key resistance at 17.97 followed by 18.30-18.50.

Original post to Members - 15 May 2020

Posted here - 18 May 2020

[Silver July futures Update] Silver has formed a critical key support zone at 15.85-15.90. Until this holds, the current bullish traction in Silver shall continue. A key support zone has also formed at 16.20-16.38. 

As long as these hold, Silver has the potential to target the next key resistance at 17.10-17.13 followed by 17.70-17.85.

Original post to Members - 08 May 2020

Posted here - 18 May 2020

[Silver July futures Update] Silver has bounced off very close to the key support at 14.72 mentioned in the previous update and is trading higher by more than a dollar.

For Silver to enter into a larger degree bullish set up, it shall FIRST need to hold the key support at 15.30-15.38 & then find a way to BREAK the critical key resistance at 16.38-16.45.

Original post to Members - 25 Apr 2020

Posted here - 18 May 2020

[Silver May Futures Update] In line with the previous update, Silver has hit the key resistance at 15.70 and receded from it. A key support has now formed at 15.05-15.08, a break of which shall set up a retest of the next key support at 14.52.

Original post to Members - 25 Apr 2020

Posted here - 18 May 2020

[Silver May Futures Update] Silver has formed a key support at 15.20 followed by a critical key support at 14.83.

As long as the supports hold, Silver shall target the next key resistance at 16.08 followed by 16.66.