- Silver prices eye pivotal near-term support during 17.50
- Updated targets cancellation levels
- Join Michael for Live Weekly Strategy Webinars on Mondays at 12:30GMT
Technical Outlook: Earlier in a month we highlighted a hazard of a near-term turnover in china prices with key support remarkable during 17.50. Since then, prices are down scarcely 3% with today’s low (so far) Registering during 17.53. Note that a decrease will have noted a 7th uninterrupted daily decrease if we were to tighten during these levels, and while that’s not a reason to get bullish, prices are entrance into an area of support and might extent a downside near-term.
Notes: A closer demeanour during cost movement serve highlights this near-term support connection during 17.52– this turn now also converges on a 61.8% retracement of a Mar advance. Near-term bearish cancellation now lowered to 17.95 with a crack above 18.33/39 still indispensable to put a long-bias behind in control.
A mangle next this symbol targets 17.33 – a turn tangible by a 1/18 pitch high a 100-day relocating average- with successive support objectives eyed 17.03 16.82. From a trade standpoint, I’m looking for near-term support here basically, with a miscarry to offer some-more auspicious brief entries targeting a new low.
Check out a 2Q commodity projections and some-more in a Free DailyFX Trading Forecasts.
- A outline of IG Client Sentiment shows traders are net-long Silver- a ratio stands during +6.35 (86.4% of traders are long)- bearish reading
- Long positions are 5.9% aloft than yesterday and 8.3% higher from final week
- Short positions are 10.9% lower than yesterday and 24.3% reduce from final week
- The continued build in prolonged positioning points reduce for china though a new chasm of a short-side also suggests that a evident decrease might be exposed here- generally as prices come into near-term support. It’s also value observant that a many new Commitment of Traders news continued to uncover a record prolonged position and keeps a broader risk weighted to a downside from a view standpoint.
How does stream Silver view assistance identify trend? Get some-more information on Sentiment here Free!
Other Setups in Play:
- AUD/USD Levels to Know for Australia CPI Tonight
- EUR/AUD Gaps Into Resistance- Pullback to Offer Opportunity
- Webinar: Mind a Gaps- Levels in Play Post-Election
- NZD/USD Rebound Vulnerable Ahead of New Zealand CPI
- EUR/NZD Into Resistance- Pullback to Offer Entries
– Written by Michael Boutros, Currency Strategist with DailyFX