Silver - Special Update - Blue Line Futures
Bill Baruch of Blue Line Futures - - Thu Aug 22, 8:03PM CDT
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Silver (September)

Fundamentals:Silver is clinging to the $17 mark in the same manner that Gold is $1500. The near-term movements are going to be highly dependent on Fed Chair Powells Jackson Hole speech tomorrow morning at 9:00 am CT. Despite weaker than expected U.S Flash PMIs, the U.S Dollar and more specifically the U.S Dollar Index held ground above 98.00 today due to a more hawkish rhetoric from Kansas City Fed President George and Dallas Fed President Kaplan. This leads us to wonder whether the committee is catering to sentiment from both sides of the aisle, allowing Fed Chair Powell to be more dovish tomorrow; this would bode well for Silver and the metals complex. However, traders want to be cautious if the Dollar gains value as it would gather additional technical tailwinds and pressure Silver below 17.00.

Technicals:Silver continues to flirt with the 17.00 area which is acting as a pivot; the tape feels more upbeat while above here. First key support comes in at 16.82-16.88 and there is a sharp rising trend line aligning here through the end of the week; holding out above here is constructive. Although a close below this level is discouraging, a near-term failure would not bud until a close below 16.51 which would align closely with the 1484-1488 level in Gold that defines our Bullish Bias. Silvers strength is trailing Golds recent move but a close out above the 17.49 would invite strong waves of buying.


Resistance: 17.11-17.18*, 17.48-17.49***, 17.86*, 17.98**, 18.18-18.33***

Pivot: 17.00

Support: 16.82-16.88**, 16.51***, 16.01**, 15.46-15.47***

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