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
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
Wall Street
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
Gold
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
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • $WTI Crude Oil is currently strengthening as the #OPEC meeting takes place. Crude Oil is now trading above the 62.00 level for the first time since Monday. $OIL $USO https://t.co/40oC26KYJG
  • there it is, $gbpjpy got the 150 handle https://t.co/32swpZM4Dx https://t.co/rv2d1CdXyR
  • Saudi Energy Minister: - Oil market has improved - Uncertainty around recovery has not receded - Urges caution and vigilance on oil market #OOTT #OPEC $OIL
  • $SPX testing confluent support, trendline + fibo level down here. $ES $SPY https://t.co/6DRaYoWuCV
  • 🇺🇸 Jobless Claims 4-week Average (FEB/27) Actual: 790.75K Previous: 807.5K https://www.dailyfx.com/economic-calendar#2021-03-04
  • 🇺🇸 Initial Jobless Claims (27/FEB) Actual: 745K Expected: 750K Previous: 736K https://www.dailyfx.com/economic-calendar#2021-03-04
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.89%, while traders in Germany 30 are at opposite extremes with 66.38%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/OyiaWxTOe9
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/BBKTkI9fWl
  • German Finance Min. Scholz: Germany will need to take on extra debt in 2021. $EUR
  • Forex Update: As of 13:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.19% 🇨🇦CAD: 0.10% 🇳🇿NZD: 0.04% 🇪🇺EUR: -0.24% 🇯🇵JPY: -0.34% 🇨🇭CHF: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6Fc3eqZNSZ
Silver (XAG/USD) Shuffles Sideways Ahead of Stimulus Announcement

Silver (XAG/USD) Shuffles Sideways Ahead of Stimulus Announcement

Tammy Da Costa, Markets Writer

Silver Price Forecast:

  • Silver price action enthralled by symmetrical wedge
  • CCI suggests that Silver may be harboring oversold conditions
  • Sentiment remains mixed

Silver prices have continued to trade sideways amid an array of political and fundamental events that continue to weigh on the greenback. After months of negotiations, US president Joe Biden is expected to reveal the size of the highly anticipated Fiscal Stimulus package later today, which once again raises the potential for inflationary concerns; a topic that has been at the forefront of the Federal Reserve since the start of the Coronavirus pandemic.

Advertisement

While Silver and Gold are often perceived as an inflationary hedge, a recent surge in Treasury Yields (particularly the 10 year) has jeopardized further strength for safe-haven assets as investors begin to price in inflation and the probability of rate hikes in the future, looking at US Treasuries and a recent rise in yields.

Visit the DailyFX Educational Center to discover why news events are Key to Forex Fundamental Analysis

Trading Forex News: The Strategy
Trading Forex News: The Strategy
Recommended by Tammy Da Costa
How news can impact your trades?
Get My Guide

Silver (XAG/USD) Technical Analysis

Silver prices continue to trade within a recent range, encapsulated by the bounds of a symmetrical wedge that has developed on the weekly chart. Meanwhile, the Fibonacci retracement levels from both the historical move (Nov 2008 – March 2011) and the short-term move (March 2020 – August 2020) continue to provide support and resistance for XAG/USD, with bulls and bears battling it out to push through these key levels.

Silver (XAG/USD) Weekly Chart

Silver Weekly Chart

Chart prepared by Tammy Da Costa, IG

After failing to reach the psychological level of 2800, Silver prices fell to a key level of support, formed by the 23.6% Fibonacci level of the short-term move, at 2548.3. This level is now providing resistance for the precious metal, while the 61.8% retracement of the long-term move now holds as support at 2409.8. The Commodity Channel Index (CCI) currently rests at -88, bordering oversold territory with the current trend still in favor of the bears as price action remains below the 20-Day Moving Average.

Building Confidence in Trading
Building Confidence in Trading
Recommended by Tammy Da Costa
What does it take to be a confident trader?
Get My Guide

Silver (XAG/USD) Daily Chart

Silver Daily Chart

Chart prepared by Tammy Da Costa, IG

For now, support potential remains around the key psychological level of 2500 with the 61.8% Fibonacci retracement level providing additional support at 2409.8

Silver Client Sentiment

Silver (XAG/USD) Shuffles Sideways Ahead of Stimulus Announcement
How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Tammy Da Costa
How to read client sentiment
Get My Guide

At the time of writing, retail trader data shows 91.44% of traders are net-long with the ratio of traders long to short at 10.68 to 1. The number of traders net-long is 0.40% lower than yesterday and 2.68% lower from last week, while the number of traders net-short is 0.96% higher than yesterday and 2.31% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Silver prices may continue to fall.

Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Silver price trend may soon reverse higher despite the fact traders remain net-long.

--- Written by Tammy Da Costa, Market Writer for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

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

DISCLOSURES