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
GBP/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
More View more
Real Time News
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/hqW38VawJl
  • - Unreal atmosphere - Shame about the result, but no complaints - Usyk masterclass - Heavyweight division blown wide open https://t.co/BKCLJTDk9h
  • The USD could still rally a bit from here, but has resistance not far ahead that it will need to overcome if it is to extend to a larger degree. Get your weekly $USD technical forecast from @PaulRobinsonFX here: https://t.co/n0CVWWOJDe https://t.co/0uLjsQ2gwM
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/D8DXSAdpqC https://t.co/nfiFAlyYXv
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0unrdT https://t.co/mIsVJ4zTbB
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/hymrumanUY
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfs2Iz https://t.co/6dAqxsVfxJ
  • The results of this weekend’s German Federal Election will likely dominate Euro sentiment at the start of the week ahead but after a possible EUR/USD bounce they will have little long-term impact. Get your weekly $EUR forecast from @MartinSEssex here: https://t.co/Xu3ZT7EtrW https://t.co/5VHKn52MaA
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHq4Np https://t.co/mf9rsmIvaW
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/mYWO0Eta0P
Silver (XAG/USD) Side-steps Ahead of major risk events

Silver (XAG/USD) Side-steps Ahead of major risk events

Tammy Da Costa, Analyst

Silver Price Forecast:

Despite a host of major risk events scheduled to be released this week, Silver remains rangebound, with only minor movements so far occurring within a confluent zone, established between key Fibonacci levels.

Advertisement

With both Silver and Gold exhibiting safe-haven appeal, the battle between risk-on and risk-off sentiment continues to play out as the delayed vaccine rollout combined with a decrease in business activity weighs on the highly anticipated Fiscal Stimulus package. Although President-elect Joe Biden’s Democratic party are all in favor of the large $1.9 Trillion deal, the Republicans continue to push for a much smaller deal to be implemented, emphasizing that the vaccine rollout should remain a priority.

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

Meanwhile, this week’s major risk events may create additional volatility, driving price action in either direction. For the USD, apart from Wednesday’s highly anticipated Federal Reserve policy meeting, other major data releases listed on this week’s economic calendar include January’s consumer confidence number (Tomorrow), December’s Durable goods figure (Wednesday), advance estimate for Q4 GDP (Thursday) and the December PCE report (Friday). With the renewal of lockdown measures, all these reports have the potential to influence the demand for XAG/USD and other major commodities.

Silver (XAG/USD) Technical Analysis

Silver prices continue to honor the Fibonacci retracement levels of both the historical (2008 low – 2011 high) and short-term move (March 2020 low – August 2020 high), forming an area of confluence that continues to hold bulls and bears at bay. Currently, the 23.6% retracement provides support at 2544 while the key psychological level of 2600 holds as resistance. Meanwhile, the Moving Average Convergence/Divergence (MACD) remains on the zero-line, preceding the bearish MACD crossover that occurred earlier this month.

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) Side-steps Ahead of major risk events

At the time of writing, retail trader data shows 91.71% of traders are net-long with the ratio of traders long to short at 11.06 to 1. The number of traders net-long is 2.06% higher than yesterday and 3.13% lower from last week, while the number of traders net-short is 3.02% lower than yesterday and 7.66% 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.

Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Silver-bearish contrarian trading bias.

--- 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