Gold (June) / Silver (May)
Gold, yesterday’s close: Settled at 2348.4, down 14.0
Silver, yesterday’s close: Settled at 28.052, up 0.068
Yesterday’s warm CPI and weak 10-year auction paved the way for a much-needed consolidation day for Gold and Silver. Still, the precious metals complex battled valiantly, exuding bull market trends within the intraday swings. Geopolitical headlines are certainly helping to stave off indiscriminate selling, but we now look to another slate of inflation data via PPI, coupled with an ECB policy decision this morning and a 30-year Bond auction at noon CT.
Silver futures even went as far as setting a new local high after yesterday’s CPI data, but the broad risk-off undertow was just too much. Construction in Silver out above yesterday’s low of 27.64-27.76 and support aligning with Gold’s low of 2340.1-2343.1 should help fuel a bull continuation into the weekend. In the event of further weakness, we have additional levels of significant support highlighted below.
Bias: Bullish/Neutral
Resistance: 2363.7-2364.1**, 2369.4-2371***, 2380.2-2384.5***, 2400**, 2466.5***, 2539.3-2560.1****
Pivot: 2355
Support: 2348.1-2351***, 2340.1-2343.1***, 2334.2-2337.1***, 2321.7-2325.3***, 2315.7**, 2298.7-2299.6***, 2285.7-2286.2***, 2279-2281.8***
Silver (May)
Resistance: 28.15-28.24**, 28.39-28.44**, 28.57-28.66***, 28.71-28.90**, 29.22***, 29.88-30.35***
Pivot: 28.05
Support: 27.84-27.90**, 27.64-27.76***, 27.34-27.51***, 26.93-26.97***, 26.40-26.48***
Check out CME Group real-time data plans available on TradingView here: www.tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Gold, yesterday’s close: Settled at 2348.4, down 14.0
Silver, yesterday’s close: Settled at 28.052, up 0.068
Yesterday’s warm CPI and weak 10-year auction paved the way for a much-needed consolidation day for Gold and Silver. Still, the precious metals complex battled valiantly, exuding bull market trends within the intraday swings. Geopolitical headlines are certainly helping to stave off indiscriminate selling, but we now look to another slate of inflation data via PPI, coupled with an ECB policy decision this morning and a 30-year Bond auction at noon CT.
Silver futures even went as far as setting a new local high after yesterday’s CPI data, but the broad risk-off undertow was just too much. Construction in Silver out above yesterday’s low of 27.64-27.76 and support aligning with Gold’s low of 2340.1-2343.1 should help fuel a bull continuation into the weekend. In the event of further weakness, we have additional levels of significant support highlighted below.
Bias: Bullish/Neutral
Resistance: 2363.7-2364.1**, 2369.4-2371***, 2380.2-2384.5***, 2400**, 2466.5***, 2539.3-2560.1****
Pivot: 2355
Support: 2348.1-2351***, 2340.1-2343.1***, 2334.2-2337.1***, 2321.7-2325.3***, 2315.7**, 2298.7-2299.6***, 2285.7-2286.2***, 2279-2281.8***
Silver (May)
Resistance: 28.15-28.24**, 28.39-28.44**, 28.57-28.66***, 28.71-28.90**, 29.22***, 29.88-30.35***
Pivot: 28.05
Support: 27.84-27.90**, 27.64-27.76***, 27.34-27.51***, 26.93-26.97***, 26.40-26.48***
Check out CME Group real-time data plans available on TradingView here: www.tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.