Silver Non-Commercial Speculator Positions:
Large speculators continued to push their bullish net positions higher in the silver futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totalled a net position of 64,171 contracts in the data reported through Tuesday, September 5th. This was a weekly increase of 10,526 contracts from the previous week which had a total of 53,645 net contracts.
Silver Commercial Positions:
The commercial trader’s position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totalled a net position of -76,688 contracts on the week. This was a weekly decline of -11,100 contracts from the total net of -65,588 contracts reported the previous week.
Technicals:
The bearish movement has started in November 2012. On weekly chart, we can see that the bullish movement has just started confirmed by RSI and MACD as well. We entered the LONG trade earlier with the signals of indicators on smaller time frames and we had really good profit. The Same situation is valid for GOLD, Copper and Cotton. It is strongly possible that XAGUSD Silver will test 18.55 in this week or next week.
Daily Chart:
The current level of XAGUSD is 17.992. Price tested 18.20 ( Fibonacci Retracement 50% ) and pulled back. 17.60 is the Fibonacci Retracement of 61.80%
17.60 is the Fibonacci Retracement of 61.80%. We may see some pullback towards 17.76 and 17.60.
We are bullish and we predict the XAGUSD price will test 18.55 in a few weeks and this level is very important resistance for mid-long term bullish movement.
17.73 and 17.55 are possible pullback levels for Monday and Tuesday. If the price breaks below 17.55, 17 48 will be tested.
Our strategy is to keep our open LONG trades and leave pending BUY orders to above mentioned pull back levels. Our stop loss level will be 17.00.
Large speculators continued to push their bullish net positions higher in the silver futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totalled a net position of 64,171 contracts in the data reported through Tuesday, September 5th. This was a weekly increase of 10,526 contracts from the previous week which had a total of 53,645 net contracts.
Silver Commercial Positions:
The commercial trader’s position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totalled a net position of -76,688 contracts on the week. This was a weekly decline of -11,100 contracts from the total net of -65,588 contracts reported the previous week.
Technicals:
The bearish movement has started in November 2012. On weekly chart, we can see that the bullish movement has just started confirmed by RSI and MACD as well. We entered the LONG trade earlier with the signals of indicators on smaller time frames and we had really good profit. The Same situation is valid for GOLD, Copper and Cotton. It is strongly possible that XAGUSD Silver will test 18.55 in this week or next week.
Daily Chart:
The current level of XAGUSD is 17.992. Price tested 18.20 ( Fibonacci Retracement 50% ) and pulled back. 17.60 is the Fibonacci Retracement of 61.80%
17.60 is the Fibonacci Retracement of 61.80%. We may see some pullback towards 17.76 and 17.60.
We are bullish and we predict the XAGUSD price will test 18.55 in a few weeks and this level is very important resistance for mid-long term bullish movement.
17.73 and 17.55 are possible pullback levels for Monday and Tuesday. If the price breaks below 17.55, 17 48 will be tested.
Our strategy is to keep our open LONG trades and leave pending BUY orders to above mentioned pull back levels. Our stop loss level will be 17.00.
