News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • This 👇 https://t.co/UH4A7C2HOO
  • $USDJPY has spanned its full, tight range. The has slightly broadened its smallest 30-day trading range (as a ratio of spot) on record. Serious breakout candidate should a firm risk or Fed rate speculation wind come through https://t.co/XyajC1dAee
  • Seems this once-Hawkish view from Cleveland Fed President Loretta Mester is becoming the consensus for the FOMC https://t.co/uHAmcRFNlG
  • - Supports November taper - Still some distance from maximum employment goal needed for raising rates
  • Fed's Mester - Economy has met substantial further progress bar for taper - On inflation bar for raising rates has largely been met - Expect conditions for first rate hike to be met by end of next year
  • Heads Up:🇬🇧 BoE Tenreyro Speech due at 13:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-24
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9FlspUVZz https://t.co/HFl8E8exht
  • Credit Suisse dumped Evergrande exposure on risk fears - FT
  • RT @onlyyoontv: #China central bank declares #virtualcurrency-related business activities as illegal. No legal tender/crypto exchange; exch…
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM73cHA https://t.co/2wzX4dacYJ
Silver Prices Channel in a Developing Flag Pattern

Silver Prices Channel in a Developing Flag Pattern

Walker England, Forex Trading Instructor

Talking Points

  • Silver Prices May be Developing a Bullish Flag Pattern
  • Short Term Support for Silver is Found Near $18.80
  • If you are looking for more ideas on trading commodities and metals, check out our Trading Guides.

The price of Silver (Ticker: XAG/USD) continues to slide this morning, bringing the commodity to key support near $18.80. This value marks support of a potential descending price channel forming for Silver prices. If prices remain supported here, it opens up price action to bounce back towards resistance. Channel resistance, as depicted below, has been created by connecting a series of swing highs beginning with the July 2016 high at $21.11.

One possibility, suggests that this descending channel is the beginning of a flag pattern. In this scenario, even though prices are currently trading lower, traders may wait for a bullish breakout back in the direction of Silvers primary trend. Traders looking for bullish projections for Silver prices may extrapolate a 1X extension of the markets previous rally. This places potential targets for Silver just under $24.00

Losing Money Trading? This could be why!

Silver Prices Daily Flag Pattern

Silver Prices Channel in a Developing Flag Pattern

Chart prepared by Walker England

Alternatively if Silver prices continue to decline, it may suggest that price action is returning back towards a longer term value of support. The Ascending trendline depicted below has been created by connecting a series of higher lows, beginning with the 2016 yearly low at $13.76. This places current trendline support near $17.00. If Silver fails to remain supported hear, it may suggest the beginning of a new bearish trend for the metal.

Are traders long or short the market Find out here!

Silver Prices Daily Trendline

Silver Prices Channel in a Developing Flag Pattern

Chart prepared by Walker England

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at his Bio Page.

Contact and Follow Walker on Twitter @WEnglandFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES