Precious Metals

Silver – Flag Breakout Signals Bearish Continuation from a Double Top
October 19 2012 4:35 AM

Flag breakout: Silver consolidated after falling to about 32.50 Monday (10/15). It traded in a slightly rising flag pattern until the approaching previous resistance area near 33.30. It has since fallen below the flag pattern, signaling bearish continuation. The RSI also reflects a bearish momentum developing as it dipped below 30, failed to push back above 60 and again kissed 30. The moving averages in the 1H chart are also in bearish alignment – with 200 above 100 above 55 above 21 above 8 SMAs.
Morning Silver Market Report 10/18
October 18 2012 10:44 AM

The silver market clawed out a higher high on the charts today, but the market was unable to hold that initial push higher. The information from gold and platinum mining labor issues is mixed for silver today, with some striking gold miners returning to work and some platinum mining workers still refusing to return to work. One might have expected silver to have benefited like copper prices, from somewhat supportive Chinese economic data overnight, but apparently a portion of the silver trade wasn't overly impressed with Chinese economic activity.
Morning Platinum Market Report 10/18
October 18 2012 10:32 AM

Platinum prices saw some noted divergence with early action in gold and silver prices, as January platinum posted a new weekly high overnight and the market appeared for many traders to be emboldened by a combination of decent Chinese economic readings and lingering labor issues in South Africa. With up to 4,000 workers at a Lonmin mine deciding to stay away from work and the company considering their options, many traders expect platinum prices to find support from the threat of lost production.
The Silver Price to Surge
October 18 2012 3:51 AM

Silver’s step sum plot (Red Plot) did a double bottom at 455 on the right scale of the chart, or a -8 day in the Silver since Aug 27 table in the chart’s table, which at the end of today’s trading is now only -6.
Morning Silver Market Report 10/17
October 17 2012 10:30 AM

Like gold, silver prices managed a higher high overnight even if prices eventually fell back to the prior session's closing level into the early US trade. Silver seems to have increased its focus on the action and direction of gold prices and perhaps silver has also de-linked somewhat with a more industrially focused copper market. However, silver was able to forge some gains in the wake of positive US data yesterday and that suggests silver is also starting to get beyond a constant hope and focus on the prospect of more central bank easing. Therefore silver might now need to see consistently positive US scheduled data, positive US equity market action and a risk-on environment to make more ground on the upside.
Morning Platinum Market Report 10/17
October 17 2012 10:29 AM

January platinum has posted sizable gains during overnight trading and has reached the highest price levels since October 12th. Lingering labor problems in several South African mines appears to have offset news that some mine workers had returned to work for a major South African platinum producer. Platinum may have found considerable benefit from positively received US economic data, which suggests for some traders that platinum may be getting beyond the need for signs of additional easing and that the market might now be in a position to benefit from evidence of US growth.
Morning Silver Market Report 10/16
October 16 2012 10:51 AM

The silver market forged a modest bounce overnight as overnight outside market conditions improved slightly. With mostly positive international equity market action, higher physical commodity price action and mostly supportive currency influences, the silver bulls have the edge to start the Tuesday trade. The pattern of declines in silver prices since the October 1st high seemed to result in a decline in silver derivative holdings to the lowest levels since September 19th and that in turn would seem to suggest that the washout in futures prices for most of early October has impacted some silver investors.
Morning Platinum Market Report 10/16
October 16 2012 10:49 AM

Platinum prices appear to have put together a more impressive recovery than either gold or silver during overnight trading action. Residual labor turmoil in South Africa is expected to provide some support for platinum prices today, and perhaps a better physical commodity market environment today will also serve to support platinum prices.
Morning Silver Market Report 10/12
October 12 2012 10:19 AM

While gold prices were able to waffle around both sides of unchanged in the early going today, silver prices were definitively weaker to start. The bull camp might suggest that December silver was able to hold above the prior session's lows but with platinum, copper, energies and grains all showing early weakness, there would appear to be a risk off vibe in place in the early trade action.
Morning Platinum Market Report 10/12
October 12 2012 10:17 AM

Platinum has started off Friday's trading session under pressure but the January platinum contract has remained well above the prior session's lows. Platinum may be finding some residual support from yesterday's news of a minor decline in South African platinum production during August. Some traders feel that platinum prices are likely to take most of their direction from US equities, especially if there is a minor rise in the US PPI figures. At least in the early action today, platinum prices don't seem to be having much of a reaction towards news of ongoing violence in South African platinum mining facilities.
Morning Silver Market Report 10/11
October 11 2012 10:07 AM

The silver market has managed to claw back above the prior two highs in the early action today. Silver is probably drafting off the positive action in gold and perhaps silver is also benefiting from the positive action in US equities in the early going. Fortunately for the bull camp, the rest of the metals complex is tracking higher and both grain and energy markets are showing positive action in the early going and that hints at the presence of a risk-on vibe. Perhaps the S&P downgrade of Spain and a jump in some Euro zone sovereign debt yields overnight are serving to restrain the initial positive track in silver prices.
Morning Platinum Market Report 10/11
October 11 2012 10:05 AM

Like the rest of the metals complex, platinum has started out with moderate gains. Some traders feel that platinum prices were lifted by news of a 1.9% decline of South African platinum production for the month of August, while other traders feel that platinum continues to find some support from unresolved labor issues in South Africa. There were some reports overnight of a possible settlement, and that news might have been responsible for the initial spike down slide to $1,663.40 in the January platinum contract.
Silver Approaching Range Support; Failure Can Lead to Double Top
October 11 2012 8:22 AM

Near Range support: Silver has been trading sideways since 9/13 as seen in the 4H chart. There was resistance above 35.00 up to 35.38. The 33.28-33.50 area provided support. In this 4H chart, the 200SMA has caught up to this support area as well. The RSI shows bearish momentum in the short-term. As the market focuses in on this support area, the question is whether it will hold and get back in the direction of the recent trend, which is up.
Morning Silver Market Report 10/10
October 10 2012 10:51 AM

At least initially the silver market has held up somewhat better than gold, as December silver prices managed to avoid a full return to the prior session's lows in the early action today. However, silver prices are tracking lower to start and it would appear as if they are being pressured by slackening global growth expectations. The recent slide on the charts, pushed some silver derivative investors away from silver investments yesterday and therefore it is possible that silver will continue to track in the footsteps of equities in the coming trading sessions. While open interest has remained high in silver, recent volume stats have seemingly showed a slight slackening of sorts but the bull camp might spin that into a positive by suggesting that the price weakness from the October highs hasn't been widely embraced by the silver trade.
Morning Platinum Market Report 10/10
October 10 2012 10:49 AM

With a large selloff during overnight trading, the January platinum contract fell down to the lowest price level since October 1st. Some traders were surprised that platinum showed little reaction to news of a "mass firing" of striking workers at a South African mine. Other traders feel that platinum appears to be under pressure because of slumping macro economic views as well as from minor pressure from the currency markets.
Morning Silver Market Report 10/9
October 09 2012 10:39 AM

Despite slightly higher Asian equity market action overnight and positive copper price action overnight, the December silver contract has started out on a weaker footing. Clearly silver is taking a lot of direction from gold and equities right now and that focus might be expected to continue today in the wake of a fairly thin US economic report slate. Silver might be expected to take some direction from Alcoa earnings after the close today, as silver recently has periodically tracked industrial commodity market fundamentals.
Morning Platinum Market Report 10/9
October 09 2012 10:36 AM

The platinum market appears to be outperforming the rest of the metals complex, and may be finding some support from ongoing labor turmoil in South Africa. At least one mine there is working with reduced staff, while other mines are concerned about the potential for more strikes. News of another liquidity effort from the Chinese central bank overnight may be providing platinum with additional support, but the Chinese news hasn't provided a distinct benefit for many commodities during overnight trading.
Morning Silver Market Report 10/8
October 08 2012 10:57 AM

Like gold, silver has started out on a much weaker footing with the December silver contract falling to and even below last week's lows! In other words, a risk off environment seems to have settled back into position this morning and that is a little surprising in the wake of the surprisingly large decline in the US unemployment rate last Friday. It is also likely that silver is seeing some pressure from downwardly revised growth forecasts for both China and Asia.
Morning Platinum Market Report 10/8
October 08 2012 10:55 AM

The platinum market has started out this week under pressure, with prices falling more than $50 below last Friday's highs for the move. While there is still labor unrest throughout the South African mining industry, some traders feel that negative tone from outside markets will be the main source of weakness for January platinum this morning.
Morning Silver Market Report 10/5
October 05 2012 10:23 AM

Like gold, silver is showing some modest corrective action to start today but the market doesn't appear to be facing a noted fundamental headline shift from yesterday. Perhaps a lack of definitive direction from US equities and unfavorable currency market action early on has simply prompted some long profit taking and position squaring ahead of the US monthly payroll report. With the precious metals markets capacity to spin soft US data into a positive from the fresh easing angle recently, even a weak number might eventually be supportive of silver prices. However, in the event that non farm payrolls come in near the bottom of the anticipated range, or around +100,000 that could prompt some initial additional liquidation in December silver.

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