“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

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.