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
EUR/USD
Bearish
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
Oil - US Crude
Bearish
Wall Street
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
Gold
Mixed
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
USD/JPY
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
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.80% Silver: 1.33% Gold: 0.76% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/6wzbSzSjZe
  • $EURUSD back in the key resistance zone 2134-2167. This zone has been at work for going on four months now https://t.co/Qh47LkOT36
  • Heads Up:🇺🇸 Michigan 5 Year Inflation Expectations Prel (MAY) due at 14:00 GMT (15min) Previous: 2.7% https://www.dailyfx.com/economic-calendar#2021-05-14
  • Heads Up:🇺🇸 Michigan Inflation Expectations Prel (MAY) due at 14:00 GMT (15min) Previous: 3.4% https://www.dailyfx.com/economic-calendar#2021-05-14
  • Heads Up:🇺🇸 Business Inventories MoM (MAR) due at 14:00 GMT (15min) Expected: 0.3% Previous: 0.5% https://www.dailyfx.com/economic-calendar#2021-05-14
  • Heads Up:🇺🇸 Michigan Consumer Sentiment Prel (MAY) due at 14:00 GMT (15min) Expected: 90.4 Previous: 88.3 https://www.dailyfx.com/economic-calendar#2021-05-14
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: France 40: 1.20% Germany 30: 0.99% FTSE 100: 0.87% US 500: 0.70% Wall Street: 0.56% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/0SMOBO80DU
  • 🇺🇸 Industrial Production YoY (APR) Actual: 16.5% Previous: 1% https://www.dailyfx.com/economic-calendar#2021-05-14
  • 🇺🇸 Industrial Production MoM (APR) Actual: 0.7% Expected: 1% Previous: 2.4% https://www.dailyfx.com/economic-calendar#2021-05-14
  • Heads Up:🇺🇸 Industrial Production YoY (APR) due at 13:15 GMT (15min) Previous: 1% https://www.dailyfx.com/economic-calendar#2021-05-14
Silver Prices Slide Lower- Support Targets View

Silver Prices Slide Lower- Support Targets View

Michael Boutros, Strategist

Talking Points

Silver Daily

Silver Daily Chart

Technical Outlook:Silver prices have continued to trade within the confines of an impressive, well-defined ascending pitchfork formation extending off the November / December lows. The precious metal failed to hold above key resistance this week on building bearish divergence at 18.33/37 – a region defined by the 50% retracement of the July decline & the 100% extension of the ascent off the December lows. The pullback is now testing a key near-term support just below the 18-handle where the 200-day moving average converges on the 50-line of the ascending slope formation.

Silver 240min

Silver 240min Chart

Notes: A closer look at price action highlights this near-term slope convergence and heading into the close of Europe the risk remains for a near-term rebound off this mark. That said, the broader focus remains weighted to the topside while above 17.51 with a breach / close above 18.37 needed to validate resumption of the uptrend. Subsequent topside objectives are eyed at 18.58, the 50-line (currently ~18.80) & the 61.8% retracement at 19.03.

Silver Prices Slide Lower- Support Targets View
  • A summary of IG Client Sentiment shows traders are net-long Silver- the ratio stands at +4.78 (82.7% of traders are long)- bearish reading
  • Long positions are 0.5% lower than yesterday but 0.8% higher from last week
  • Short positions are 7.5% lower than yesterday and 17.9% lower from last week
  • Broader sentiment continues to point lower with the recent drawdown in short-positioning further highlighting the short-bias. From a trading standpoint, silver prices are approaching support & while our focus is lower, I’d be looking for a near-term rebound before attempting entry.

What does retail trader positioning hint about the Silver trend? Learn how Sentiment can help your trading in this free guide!

---

Other Setups in Play:

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list.

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

DISCLOSURES