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.

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
Bullish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2020? Find out from @JohnKicklighter here: https://t.co/1oeXWEsJkb https://t.co/x8uyOHLtgE
  • The Swiss Franc may continue higher against the US Dollar as technical pressure favors USD/CHF bears..Get your $USDCHF market update from @FxWestwater here:https://t.co/yqJbbhAWiu https://t.co/CaMR0Vqd1m
  • The US Dollar lost ground to most ASEAN currencies as Emerging Market assets climbed despite US economic woes. USD/INR is eyeing third-quarter Indian GDP at the end of the week. Get your market update from @ddubrovskyFX here:https://t.co/urDN2b5Nwd https://t.co/toSDbVZCSi
  • The global stock market can be categorized into specific groups or ‘stock market sectors’. Organizing the vast number of stocks in this way helps traders to view assets in a more manageable way. Get your stock market sectors basics here: https://t.co/5gbiHmY8yl https://t.co/mQ6ty8Yalv
  • The Euro looks poised to continue gaining ground against haven-associated currencies and may reverse higher against the British Pound in the near term. Get your #Euro market update from @DanielGMoss here:https://t.co/oRIHju7ZzK https://t.co/dIEErVzWEY
  • Gold and silver prices have come under significant pressure recently. However, this correction lower could prove short-lived as price analysis hints at a reversal higher. Get your $XAUUSD market update from @DanielGMoss here:https://t.co/K1qL0fsGwy https://t.co/tRfjlN6X22
  • The S&P 500, Dow Jones and crude oil prices have recently made critical advances to the upside. Is retail positioning supporting the case for further upside momentum?https://t.co/rfA2TsBctB https://t.co/SNoOEVLXvA
  • An improving economic backdrop is bolstering crude oil prices and in turn, the Canadian Dollar. Still, the risk-sensitive Australian Dollar continues to move higher. Get your market update from @FxWestwater here:https://t.co/NJ683bZKpe https://t.co/zt3bYddjZ6
  • Gold Price Forecast: Dovish FOMC Could Underpin Bullion Ahead of NFP - https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/11/27/Gold-Price-Forecast-Dovish-FOMC-Could-Underpin-Bullion-Ahead-of-NFP.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr #Gold #XAUUSD $GOLD $GLD https://t.co/N9ChZOqSdy
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.42% 🇦🇺AUD: 0.35% 🇳🇿NZD: 0.30% 🇨🇦CAD: 0.20% 🇯🇵JPY: 0.16% 🇬🇧GBP: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/4uyJxc09OH
Silver Price Targets: XAG/USD Hits Trend Resistance at Yearly Highs

Silver Price Targets: XAG/USD Hits Trend Resistance at Yearly Highs

2019-08-15 18:30:00
Michael Boutros, Strategist
Share:

Silver prices have surged to levels not seen since January 2018 with the rally at risk near-term while below broader uptrend resistance. These are the updated targets and invalidation levels that matter on the XAG/USD charts heading into the close of the week. Review this week's Strategy Webinar for an in-depth breakdown of this silver price setup and more.

New to Forex Trading? Get started with this Free Beginners Guide

Silver Price Chart – XAG/USD Daily

Silver Price Chart - XAG/USD Daily - SLV Trade Outlook - Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; Silver (XAG/USD) on Tradingview

Technical Outlook: In my last Silver Weekly Price Outlook we noted a long-bias on XAG/USD while above 1588 with above the 16.61/66 resistance hurdle targeting, “topside objectives at the June swing highs at 17.32 backed by the 50% retracement at 17.51.” Silver registered a high at 1750 early in the week before pulling back with the weekly opening-range still intact heading into Friday. Note that the upper parallel also converges on this range into the close of the week and further highlights its technical significance.

Key daily support now rests at the highlighted trendline confluence around 16.61 with broader bullish invalidation now at the February high / August open at 16.21/25. A topside breach / close above this threshold is needed to keep the long-bias viable targeting subsequent resistance objectives at 17.74 and 18.04.

Why does the average trader lose? Avoid these Mistakes in your trading

Silver Price Chart – XAG/USD 120min

Silver Price Chart - XAG/USD 120min - SLV Trade Outlook - Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; Silver (XAG/USD) on Tradingview

Notes: A closer look at silver price action shows XAG/USD reversing sharply from upper parallel of an ascending pitchfork formation extending off the late-June / July lows. We’re looking for a break of this single-day range (8/13) for guidance with the long-bias at risk near-term while below the trend resistance. Initial support rests with the ML / weekly open at 16.93-17 with a break below 16.51 needed to suggest a more significant high was registered on Tuesday.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Bottom line: Silver prices are testing confluence uptrend resistance here and leaves the long-bias vulnerable while below the upper parallel. From a trading standpoint, a good place to reduce long-exposure / raise protective stops – be on the lookout for possible topside exhaustion on a retest of the highs. Ultimately a larger correction may offer more favorable entries closer to trend support.

Silver Trader Sentiment (XAG/USD)

Silver Trader Sentiment - XAG/USD Price Chart - SLV Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-long Silver - the ratio stands at +7.71 (88.5% of traders are long) – bearish reading
  • Long positions are 5.6% lower than yesterday and 1.7% lower from last week
  • Short positions are 18.5% higher than yesterday and 20.3% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Spot Silver prices may continue to fall. Yet traders are less net-long than yesterday but more net-long from last week and the combination of current positioning and recent changes gives us a further mixed Spot Silver trading bias from a sentiment standpoint.

See how shifts in Silver retail positioning are impacting trend- Learn more about sentiment!

Active Trade Setups

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

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

DISCLOSURES