SILVER FUTURES

We have seen a recent bullish move on silver breaking a downward trendline, and if you scale back to a weekly view there is plenty of scope in the RSI to keep this move going. HOWEVER we also have a band of resistance at $18 which has been prior privot support and resistance areas. The price is unwilling to move above this level just yet and despite the bullish ...

It is always worth a look at the gold-silver ratio. Currently, gold is 76 times more expensive than silver (per ounce). In the past, it has been shown that the area above 78 is an extreme area and can be used for trades. In this case, you would sell gold and buy silver.

Did briefly fail this level last time the price dipped, however the drop looks false & its otherwise held this line nicely ....

Retaken the rising trendline which was recently lost. Not yet consolidated above it, but there looks strength here to push back towards the $17 region where I think we will see some resistance from that Fib line.

A double bottom off the 23.6% Fib line might be a decent looking long entry.

Pretty similar set of two complete waves over approximately same timeframe 2016 and 2017. Retraced almost fully 61.8%. If we are in for a repeat of 2016, the third move up is a big one.....

Lost the 200DMA but found support from the rising wedge. This may be a good entry level.

This structure looks firmly in place & should give us a rise / retest of the major resistance at $18.50

Higher low today. Creeping up the rising trend line. Got to be a matter of time before it has a go at $18.50 again.

Funds holding a record long in #silver after three weeks of heavy buying. Silver traded 9% higher when it hit the previous record last July. $1850 is the level to break.

Currently sat on the 50% line from July high to December low. Watching for a full daily close above this level & will look to go long from there. The earlier 50DMA break in this rise often signals much bigger moves....

Looks like a real pivot point here. 50% Fib. Wall of resistance to going higher, yet momentum to do so.

Could be a big move on the cards here.

Flag & pennant set-up to $17 once $16.50 breaks.

Continues to be a short opportunity for Silver now the 200DMA has fallen on the daily chart. The next area I'm looking at is this pivot area at $16 which provided a strong resistance prior to becoming a strong support in the early stages of the rise this year.

Support Line for Silver - Going Long

Short-term looks set $18.80 - $19.20. Appears to be a conciliation period. Long & short with range for now.

I think if we see Silver hold above $19.20 then a cup handle looks to be a possible long set-up.