Shimmering Prospects: Unveiling the Industrial and Trading Potential of Silver in 2024
As we look ahead to 2024, understanding the multifaceted nature of silver is essential for traders aiming to capitalise on its potential.
Market Update 5/10 – Tracking EUR / Commodity FX Setups
EURAUD sports a 2 month bottoming pattern (similar to the 2 month topping process in AUDJPY). Price is nearing the 3/15 high at 1.5329 which could produce a reaction lower. ‘Ideal’ support for a long entry is 1.4940s, which includes former resistance and the top side of the line off of the 3/15 and 4/25 highs.
Market Update 3/9 – Nasdaq Holds and Crude Oil Reverses
That was a blowoff top in crude oil. Interestingly, resistance came in at the same parallel that nailed the Gulf War high in 1990. I’m not going to get into detail on the near term charts just yet other than noting 97.60s for support and 115.50 for resistance. Also, USO completed a high volume 2 day reversal. This last happened in September 2019 (see below).
Market Update 3/1 – Silver Breaks out from 13 Month Channel
Silver broke above its 13 month channel today to join gold. The top side of the channel at 24.87 is now support. The objective is the 2021 high and full channel extension at 30.14. Gold support should be 1922/28 now.
Market Update 2/22 – USDRUB Reverses…Time for a Risk Squeeze?
You may have heard that Russia is in the news. USDRUB reversed sharply lower today after tagging daily reversal resistance (daily high close from March 2020). This level was also resistance in November 2020 (U.S. election). The reversal lower today ‘fits’ with a coming squeeze in equities and a pullback in gold. I’m wondering if the USD also breaks down. The chart below shows USDRUB and DXY since the beginning of the year. Let’s see…
Market Update 2/17 – Watch out for 1920 in Gold
If the gold breakout is going to face problems then it probably happens near 1920. This is just above the June high, short term channel resistance, and the 61.8% retrace of the decline from the 2020 high. It’s also the 2011 high (see below). In the meantime, 1877 and 1854 are proposed supports.
Market Update 2/15 – Gold Re-Test and USDJPY Setup
Gold has pulled back to support defined by the center line from the channel that originates at the September low. A dip under today’s low to test 1842 isn’t out of the question. The top side of former trendline resistance needs to hold as support in order to maintain a bullish stance and look towards 1920.
Market Update 2/10 – USD Bounces at Key Trendline
USDOLLAR held the trendline that originates at the September low today. A break of this line is what I’m waiting for to signal ‘all clear’ on the downside for the USD.
Market Update 11/8 – Metals Near Pullback Levels
Gold is closing in on the noted level from the line that extends off of the 2020 and May highs and resistance since July near 1834. I’m ‘thinking’ pullback initially from the well-defined level but will be tracking for support beginning near 1800 since I’m of the mind that the broader trend is higher.