“Outside Week” Technical for Silver

August 10, 2017 3:11PM CDT

September silver is trading $17.09 UP about 23 cents on the day. Again, metals are strong across the board since they hit lows early this month. September US Dollar futures is trading 93.30. Geopolitical risk is on the rise once again. With China and India keeping a very close eye on each other. And of course not to ignore the Korean peninsula.  President Trump would probably rather focus on DPRK than the ongoing Russia collusion investigation. The economy is growing, and as noted in JOLTS report this week, employers are having hard time finding qualified employees. This lack of skilled workers trend is here to stay. Fed is still expected to raise rate in December 2017. 

From the technical prospective, silver has an “outside week” in price action. This type of setup needs to be confirmed next week. As I have stated in past FuturesCasts, “Silver is poised for further gain." I put up a very long term chart showing a formidable long term support around 15.00. I did state, “DO NOT expect silver to take out 15.00 level anytime soon. Given current price action, silver needs to continue to climb above 17.00 to attract more momentum in buying.”

Silver Weekly Chart

Silver Weekly Chart


RJO Futures | 222 South Riverside Plaza, Suite 1200 | Chicago, Illinois 60606 | United States
800.441.1616 | 312.373.5478

The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results. Trading advice is based on information taken from trades and statistical services and other sources that RJO Futures believes to be 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 judgement 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.

This material has been prepared by a sales or trading employee or agent of RJO Futures and is, or is in the nature of, a solicitation. This material is not a research report prepared by RJO Futures Research Department. By accepting this communication, you agree that you are an experienced user of the futures markets, capable of making independent trading decisions, and agree that you are not, and will not, rely solely on this communication in making trading decisions.

Distribution in some jurisdictions may be prohibited or restricted by law. Persons in possession of this communication indirectly should inform themselves about and observe any such prohibition or restrictions. To the extent that you have received this communication indirectly and solicitations are prohibited in your jurisdiction with registration, the market commentary in this communication should not be considered a solicitation.