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Silver's Silver Lining to Friday's New Low

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

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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.

Eurodollar
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.

Gold
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.

Silver
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.
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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