No Shine for SilverPosted 06/30/2017 9:40AM CT |
Sept silver is trading $16.55 down less than a cent. It was disappointing to see the lack luster price action in silver even with a sharp decline in the US Dollar this week. The weekly chart below shows the pin bars. Usually, when I see chart pattern like the one below, it is a sign that selling pressure is waning. This afternoon the government will release their Commitment of Traders with Options Report. The non-commercial and non-reportable combined held net long of 59,176 contract. Most probably this number will increase from this Tuesday reading.
From technical prospective, trade looks like it has a bit of support. As I have stated before, weakness in silver could be forgiven provided it continue to hold above $16.00 in September contract. Market will probably will not see any interest unless we get a break above low $17.00. Any sustained close above lows at $17.00 will probably start a momentum run to the upside. It will set up a higher low against the December 2016 low, signaling near-term lows.
Silver Weekly Chart