So you want to trade Silver futures?

Back in early October we identified the potential continuation trade higher for Silver in this article https://www.barchart.com/story/news/28900308/the-silver-continuation-trade-idea - we hope you were able to take this cue and run with it and make some profitable trades on an uptrending Silver futures market which made it comfortably above 35. The profit taking that followed after tagging that 35.07 high price point on Oct-23 led us lower initially to 33.610 while buyers stepped right back in and drove it back up failing to drive it much above the Fibonacci resistance point of 34.500. 

While reiterating the same resistance range we laid out in that Oct-5 article, we analyzed the trades that panned out last week with immaculate precision calling out resistance to our subscribers initially at 34.500 which kicked in amidst some profit taking which delivered profit targets down to 33.270 early this past Friday. Once again on Friday, buyers appeared to have stepped back in after the overlapping Fib measurement from the 35.07 measured down to the initial profit taking retracement of 33.610 sought out the Fib 23.6 profit target down to 33.260. That price level again found buyers for Silver futures on Friday at that 33.260 profit target while we saw equity index futures pullback after the morning rally. We peaked at 34.200 on Friday and the initial pullback made for a perfect Fib halfback bounce at 33.730 while making 34.425 as a potential resting point for this pullback trade.

The Sunday futures market open could offer that opportunity to willing traders to participate in that trade up to that 34.425 profit target. Are you looking for an actionable chart to follow along? Well, don't snooze, download it on here: https://tradeguidance.com/newsletters/si-10-27-24/

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