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
More View more
Real Time News
  • Get your basics right. Find out what is stock market volatility and how you can trade It here:https://t.co/pK95WaqA3j https://t.co/sLMza2wKYd
  • The Japanese Yen continues to be pummeled against most major currencies. Get your weekly Japanese Yen forecast from @HathornSabin here: https://t.co/WY5rcoqNP2 https://t.co/JT8yOUgceA
  • The US Dollar paused its advance against ASEAN currencies. USD/SGD eyes a key trendline, USD/THB risks stalling, USD/PHP enters consolidation as USD/IDR continues ranging. Get your market update from @ddubrovskyFX here:https://t.co/Hd4mu0MKkp https://t.co/1kOgueJOXz
  • The economic calendar has its top listings (China GDP among them), but traders would do well to keep tabs on themes like the Fed outlook, an imminent Bitcoin record and lurking China contagion. What I'm watching for next week: https://www.dailyfx.com/forex/video/daily_news_report/2021/10/16/Dollar-Deals-with-Tight-Fed-Outlook-Bitcoin-Eyes-Record-Energy-Crisis-Worries-Continue.html https://t.co/LrlZXmF8jK
  • Crude oil and coal prices hit fresh levels overnight as supply issues threaten to worsen an already fragile energy situation. Asia is particularly susceptible after regional flooding shuttered coal mine operations. Get your market update here:https://t.co/tgIsootO7y https://t.co/2RlYVgawgf
  • The Japanese Yen has moved lower across the board and is making multi-year lows against the USD. Will it snap the range, and do the same against EUR? Get your market here:https://t.co/tQYc6cPuM0 https://t.co/YDEELagtTb
  • The British Pound has bounced off its low against USD while it’s trapped in wide ranges against the EUR and CHF. How long will GBP be tied to its Continental Europe constituents? Find out here:https://t.co/xs3EMWWIom https://t.co/aHXoGbOBKq
  • (Weekly Fundy) Australian Dollar Outlook: AUD/USD Back on the Offensive as Covid Restrictions Ease #AUD $AUDUSD #Covid https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/10/16/Australian-Dollar-Outlook-AUDUSD-Back-on-the-Offensive-as-Covid-Restrictions-Ease.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/sGSPXKQyne
  • The Australian Dollar is seemingly back on the offensive as lockdowns ease in Sydney and Melbourne. Improving sentiment may allow AUD/USD to capitalize on rising equities and commodity prices. Get your weekly $AUD forecast from @ddubrovskyFX here: https://t.co/JDhqHY9OW1 https://t.co/JyLUT4cNnF
  • The Dow Jones and S&P 500 appear to be vulnerable as retail traders continue to buy into their pullbacks. This is shown via IGCS, which is typically a contrarian indicator. Get your market update from @ddubrovskyFX here:https://t.co/DsbgWvDNP6 https://t.co/xZpbBYE7Dc
Silver Prices & Copper at Key Cross Section Ahead of Powell Testimony

Silver Prices & Copper at Key Cross Section Ahead of Powell Testimony

Dimitri Zabelin, Analyst

Silver Prices, Copper Futures, Jerome Powell Testimony – TALKING POINTS

  • Silver prices trading at intersection of resistance at uptrend: which will break?
  • Copper futures trading in a compression zone between resistance and uptrend
  • What would a decline in the base metal reveal about the fundamental outlook?

Silver Price Outlook

Silver prices have enjoyed a 45 percent ride after bottoming out in March, though recent price action suggests the pair’s remarkable ascent may be showing early signs of a broader pullback. In late-May, silver prices -re-entered a congestive ranging back to late-2019 between 17.440 and 18.110 and have remained constrained by those bands once again.

XAG/USD – Daily Chart

Chart showing XAG/USD

XAG/USD chart created using TradingView

This puts the precious metal at an important crossroads as it trades between the lower tier and the March uptrend. If 17.440 holds, the invalidation of the slope of appreciation could catalyze an aggressive pullback. In this scenario, XAG/USD could encounter some downside friction at an inflection range marked by the 16.541-16.177 price parameters.

Copper Price Forecast

Copper futures continue to climb along the uptrend formed back in March after the selloff in global equities hit a bottom. However, the base metal’s false breakout above a key resistance range between 2.6325 and 2.6225 could mean a fatal retest of the slope of appreciation. This test is an inevitably considering the range between it and the aforementioned resistance range is narrowing: something’s got to give at some point.

Copper Futures – Daily Chart

Chart showing copper futures

Copper Futures chart created using TradingView

Breaking below the uptrend could open the door to retesting the 17-year uptrend copper prices have shattered at the height of the panic-induced selloff at the end of Q1. Due to copper’s wide-use across a variety of cycle sensitive industries like industrial production and housing construction, its decline below a key technical level may also carry significant implications for the fundamental outlook.

Fed Chairman Jerome Powell Testimony

Later today, Federal Reserve Chairman Jerome Powell will be testifying in front of the Senate Banking Committee as part of its Semiannual Monetary Policy Report to the Congress. Commentary there could rattle financial markets and put cycle-sensitive copper prices on the defensive. Silver may be more difficult to forecast, though in the current environment if the outlook for the economy is gloomy, it could suffer.

--- Written by Dimitri Zabelin, Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitriTwitter

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

DISCLOSURES