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Re: DiscoverGold post# 1510

Saturday, 12/02/2017 9:23:41 AM

Saturday, December 02, 2017 9:23:41 AM

Post# of 3864
NY Silver COMEX Futures Summary Analysis
By: Marty Armstrong | December 2, 2017

Analysis for the Week of December 04, 2017

As of the close of Fri. Dec. 1, 2017: encountering resistance so caution is wisely taken. Projected technical Resistance stands tomorrow at 165852, 163882 164552, . Opening above this area will cause it to become support. Projected technical Support tomorrow lies at 162652. Naturally, opening below this area will cause it to become resistance.

We should see a trend change come this month in NY Silver COMEX Futures so pay attention to events ahead. Last month produced a neutral inside trading range from the previous month. Respectfully, we are still trading neutral within last month's trading range of 173850 to 163450. We need to breakout of this range to confirm the direction. Therefore, a close above will be bullish and a close below will warn of a possible decline.

NY Silver COMEX Futures closed today at 163880 and is trading up about 2.49% for the year from last year's closing of 159890. Thus far, we have been trading down for the past 4 days. On a broader perspective, this market has been trading down overall for the past 10 days, since the high established Fri. Nov. 17, 2017 following the high established Mon. Nov. 27, 2017.

The Daily level of this market is currently in a full bearish immediate tone with resistance at 171350

On the weekly level, the last important low was established the week of October 2nd at 163450, which was down 4 weeks from the high made back during the week of September 4th. We have been generally trading down for the past 2 weeks from the high of the week of November 13th, which has been a sharp move of 6.44% percent in a stark panic type decline. Looking at this from a broader perspective, this current rally into the week of November 13th reaching 173850 has failed to exceed the previous high of 174950 made back during the week of October 16th. We have seen only a minor reaction rally from the last low for the past week. A break of the last low will warn of a continued decline ahead. Right now, the market is below momentum on our weekly models casting a bearish cloud over the price action. From a wider viewpoint, this market has been trading down for the past 6 weeks overall.

Some caution is necessary since the last high 182900 was important given we did obtain two sell signals from that event established during September. Critical support still underlies this market at 160500 and a break of that level on a monthly closing basis would warn of a further decline ahead becomes possible.



Logically, my long-term prospective recognizes that the current bullish progression in NY Silver COMEX Futures reflects a major low may be forming since we have not elected any Yearly sell signals on our model. Furthermore, the NY Silver COMEX Futures remains somewhat neutral at this present moment trading within last year's range of 212250 and 137300. Presently, we have made a reaction low in 2015 which was a 4 year decline. Since that reaction low of 2015, this market has bounced for 2 years, but it remains still within last year's trading range of 212250 to 137300. Keep in mind that we may yet complete the decline to a new low this year if we do not exceed last year's high of 212250 and close above the Yearly Bullish Reversal at 185060.

To date, this market has not breached any long-term support which begins at 83000 on an annual closing basis. Overhead key resistance within this trend stands at 185060, while support immediately lies down at 83000 on an intraday basis. So far, this market has remained in a bearish tone since the 498200 major high established back in 2011.

Aiming on the immediate momentum is Bearish on the weekly level yet we did penetrate the week of November 20th's low. Some caution is warranted given the fact that last month closed lower. Currently, the market in technically neutral since it is still trading inside last year's trading range. On the weekly level, the last week of 11/27 was an outside reversal to the downside which is warning of a bearish immediate trend. At this moment, this market is in a downward trend on all our indicators looking at the weekly level. On the subject of the direction of this trend, we have been moving down for the past 2 weeks. The last high on the weekly level was 173850, which was created during the week of November 13th. The last weekly level low was 151450, which formed during the week of July 10th. However, we still remain below key support and key resistance now stands at 166000 above the market. Taking a broader view, this market is in a downward trend on all our indicators looking at the monthly level. Aiming on the direction of this trend, we have been moving down for the past 2 months. The last high on the monthly level was 182900, which was created during September. The last monthly level low was 143400, which formed during July. However, we still remain above key support 162250 on a closing basis.



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