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
Mixed
Oil - US Crude
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
Wall Street
Bullish
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
Bullish
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
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Bloomberg: 5 year forward USD inflation expectations rise to 2.29%, highest level since June 2019 $USD $DXY
  • Weekly US Dollar Basket (DXY) - If 88 area folds then watch out...#usd #dxy #usdollar @DailyFXTeam https://t.co/c6w2BT5NRi
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.93% 🇯🇵JPY: 0.61% 🇨🇭CHF: 0.52% 🇳🇿NZD: 0.32% 🇦🇺AUD: 0.28% 🇨🇦CAD: 0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/InwBt1rBc9
  • The trendline $GBPUSD broke at the beginning of this week at ~1.34 was a trendline of relative peaks going back to Jun 23, 2016 (Brexit vote). The immediate overhead in 1.35 is range resistance back to May 2018. Dollar s... https://t.co/plsqmfzUOV https://t.co/rQ2RPz9cdn
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.54% FTSE 100: 0.38% US 500: 0.29% France 40: -0.07% Germany 30: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/gDiXFWTzSD
  • McConnell says "compromise is within reach" on second round of stimulus $DXY $SPX
  • The ISM's slide gives weight to the warnings from the likes of Powell who has warned the promise of a vaccine in the future is not a full salve for the build up US economic plaque now https://t.co/Z8Ad5ZXZOw
  • GBP/USD looks to be stuck in a broad band between just under 1.33 and 1.3440 as the markets react to indications that the EU-UK talks on their relationship post-Brexit. Get your $GBPUSD market update from @MartinSEssex here:https://t.co/w4u3r35r7c https://t.co/KvSmIwqpZj
  • Commodities Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Gold: 0.21% Oil - US Crude: 0.04% Silver: -0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/B74JQu2bJj
  • 🇺🇸 ISM Non-Manufacturing PMI (NOV) Actual: 55.9 Expected: 56 Previous: 56.6 https://www.dailyfx.com/economic-calendar#2020-12-03
Silver Price Outlook: XAG/USD Breakout Testing Uptrend Resistance

Silver Price Outlook: XAG/USD Breakout Testing Uptrend Resistance

2019-08-28 19:30:00
Michael Boutros, Strategist
Share:

Silver prices have surged nearly 30% of the May lows with the breakout now probing a critical resistance confluence at fresh two-year highs. These are the updated targets and invalidation levels that matter on the XAG/USD weekly price chart heading into the close of August trade. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Silver price setup and more.

Silver Price Chart - XAG/USD Weekly

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

Chart Prepared by Michael Boutros, Technical Strategist; Silver on Tradingview

Notes: In my previous Silver Price Weekly Outlook we noted that XAG/USD was “approaching the first major resistance hurdle at 16.61/66 – a breach / weekly close above is needed to keep the long-bias viable targeting 17 and beyond.” A topside breach two weeks later fueled the next leg higher in price with silver now probing a more significant resistance confluence at 18.37 (high registered at 18.50 before pulling back). This region is defined by the 61.8% retracement of the 2016 decline with the upper parallel of the ascending pitchfork formation we’ve been tracking off the 2018 low - just higher.

A topside breach / weekly close above the 2017 swing high at 18.65 is needed to validate a breakout with such a scenario keeping the focus on subsequent topside resistance objectives at the 19-handle and the 76.4% retracement at 19.42. Initial weekly support now back at the 75% parallel (currently ~17.70s) backed b 17.52. Broader bullish invalidation now raised to 16.61/66.

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 uptrend resistance around 18.37/65 - a breach / close above this region is needed to keep the broader long-bias viable. From a trading standpoint, a good zone to reduce long-exposure / raise protective stops – look for evidence of price exhaustion up here. Ultimately, a larger decline may offer more favorable long-entries closer to trend support. I’ll publish an updated Silver Price Outlook once we get further clarity on the near-term technical levels in XAG/USD.

Even the most seasoned traders need a reminder every now and then- Avoid these Mistakes in your trading

Silver Trader Sentiment - XAG/USD

Silver Trader Sentiment XAG/USD Price Chart - SLV Trade Outlook - Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-long Silver (XAG/USD) - the ratio stands at +4.39 (81.4% of traders are long) – bearish reading
  • Long positions are 2.2% lower than yesterday and 3.1% lower from last week
  • Short positions are 18.6% higher than yesterday and 63.9% higher 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 & compared with last week. Recent changes in sentiment warn that the current Spot Silver price trend may soon reverse higher despite the fact traders remain net-long.

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

---

Previous Weekly Technical Charts

--- Written by Michael Boutros, Technical 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