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Silver's Silver Lining to Friday's New Low


Critical targets, levels, and supports for major liquid commodities.

The following are the latest daily summaries of my ongoing intraday coverage, providing context to interpret price action. Any prices listed are for a contract's current "front month." Their direction tends to correlate with any ETFs listed for each.

Today's Highlight: Silver's fresh low into the weekend could extend down sharply into next week, with the exception being -that almost any bounce Monday could trigger a steep short-squeeze.

Dollar Basket
Sep Contract DX; (UUP), (UDN)
Thursday's close above 81.70 was not confirmed by a second consecutive higher close Friday, though not for lack of trying. Just for lack of trying too hard. Extending higher Monday could still gain traction to extend the rally.

Sep Contract EC; (FXE)
Friday's open tried to extend Thursday's close under 1.2640. But Thursday's 1.2560 close was still being tested throughout the afternoon. This is not optimal confirmation to momentum extending down, but neither it is a buy signal.

Aug Contract GC, (GLD)
Keeping bounces shallow enabled the two-day plunge to extend to fresh lows Friday under 1559.00. But the session really only ranged narrowly around 1566.00, so extending the decline still depends upon bounces being shallow.

Jul Contract SI; (SLV)
Thursday's break to new lows extended down Friday. New lows at 26.50 were not recovered into positive territory. So long as 27.30-27.50 were to contain bounces, new lows under 26.10 area in-play. Recovering 27.30-27.50 could return quickly up to 30.00-30.35.

30-Year Treasury
Sep Contract US; (TLT)
Holding 148-18 resistance during Thursday's stock market plunge was unlikely to produce a rally while stocks firmed Friday. Intraday weakness was contained by 148-02, with only the 148-18 buy signal intact.

Crude Oil
AUG Contract CL; (USO)
61.8% of Thursday's drop was retraced Friday at 80.15. Closing under 79.35 would resume the decline.

Natural Gas
Jul Contract NG, ETF: (UNG), (UNL)
Fresh highs probed fresh highs up to 2.66. But the 2.62 prior high was still being tested into the close, and not clearly triggered to put into play 2.83.

Editor's note: Rod's analytical techniques are designed to efficiently identify targets and turning points for any liquid stock or market in any time frame. He applies his techniques live intraday, primarily to S&P futures, at RodDavid .com.
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