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
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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
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
More View more
Real Time News
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here: https://t.co/bTXkGN1CIM #DailyFXGuides https://t.co/E8nwHmBwE6
  • Missed the weekly outlook webinar today? See the recording here: https://t.co/7vz7cXUZfJ #Dollar #stimulus #stocks #gold
  • 🇨🇭 Unemployment Rate (FEB) Actual: 3.6% Previous: 3.7% https://www.dailyfx.com/economic-calendar#2021-03-08
  • USD/HKD edged higher as stock market melted down.. Capital outflow? https://t.co/isRXrgVIlv
  • Heads Up:🇨🇭 Unemployment Rate (FEB) due at 06:45 GMT (15min) Previous: 3.7% https://www.dailyfx.com/economic-calendar#2021-03-08
  • 🇯🇵 Eco Watchers Survey Outlook (FEB) Actual: 51.3 Previous: 39.9 https://www.dailyfx.com/economic-calendar#2021-03-08
  • Gold, Crude Oil Price Forecast: Edging Higher on the Back of Stimulus, Saudi Oil Facility Attack https://www.dailyfx.com/forex/market_alert/2021/03/08/Gold-Crude-Oil-Price-Forecast-Edging-Higher-on-the-Back-of-Stimulus-Saudi-Oil-Facility-Attack.html https://t.co/ZXrwjTaK3W
  • 🇯🇵 Eco Watchers Survey Current (FEB) Actual: 41.3 Previous: 31.2 https://www.dailyfx.com/economic-calendar#2021-03-08
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/ZdQnb2WoEc
  • Heads Up:🇯🇵 Eco Watchers Survey Outlook (FEB) due at 06:00 GMT (15min) Previous: 39.9 https://www.dailyfx.com/economic-calendar#2021-03-08
Silver Prices Above Key Resistance, Dollar Giving Bulls a Boost

Silver Prices Above Key Resistance, Dollar Giving Bulls a Boost

Paul Robinson, Strategist

What's inside:

  • Silver trading above resistance and clearly out of triangle formation
  • US dollar break to offer tailwind
  • Long-term trend-lines back to early 2015 and 2013 coming into focus

A few weeks back we began discussing silver prices and its potential paths if it could break free from the contracting price action unfolding. Indeed, we saw a breakout to the upside. This was not the preferred direction from an execution standpoint given it was against the prevailing downward trend. Counter trend triangle breakouts can be tougher to execute than the continuation variety. That is exactly what we have seen thus far – a difficult trade.

Once silver initially broke higher in late January it failed to capture the $14.40/50 area which had acted as key support and resistance since the middle of last year. Once failing at resistance silver then retested the triangle and held. Since then it has managed to find its way firmly above not only the all-important resistance, but to the highest levels since November.

Gold has held a firmer backdrop since late November/early December, with the coupling of both price and futures market positioning offering support. Bottom line, it has been the preferred long. That could be changing now as the landscape for silver changes as well.

The dollar took a nasty spill yesterday, the worst since March of last year. Given its break is coming from elevated levels near recent highs, there is good reason to believe it could be the ‘kick-off’ to something much larger. If this is the case then precious metals will receive a positive tailwind from dollar weakness.

The next area of contention for silver comes in the $15.10/25 area. In there lies a pair of trend-lines, depending on how they are drawn, extending back to January of 2015 and 2013. These coincide well with the roughly $1 measured move target the height of the triangle projects. Above there and we can start thinking about a move above the $16 mark and possibly higher as the big picture will be turning increasingly bullish.

Silver Daily: July '15 - Present

Silver Prices Above Key Resistance, Dollar Giving Bulls a Boost

Need help in learning how to properly execute trade ideas? Check out 'Traits of Successful Traders'.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX or email him directly at instructor@dailyfx.com

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

DISCLOSURES