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
Silver – Finally Taking Cues From Big Brother

Silver – Finally Taking Cues From Big Brother

Kristian Kerr, Sr. Currency Strategist

Price & Time covers key technical themes daily and can be delivered to your inbox each morning by joining the distribution list: Price & Time

Talking Points

  • Silver breaks above important trendline
  • October high is a critical long-term pivot

Want to see how other traders in the market are positioned? Find out HERE

Silver – Finally Taking Cues from Big Brother

Silver – Finally Taking Cues From Big Brother

Gold finally managed to close above the October high yesterday and is surging this morning. The bear looks to be dead. Silver is also getting very interesting technically. While it is still quite a ways away from the October high it did manage to break convincingly above the downward sloping trendline connecting the May and October highs around 15.40 this morning. This is a clear positive for the metal that can be construed as a bigger bottoming trigger especially if we can manage to close the week over 15.40.

What is the #1 mistake FX traders make? Find out HERE.

Like in Gold, the first part of next week is important “time resistance” and if the trend is going to take a breather then that is probably the right time for it to do so. The top of the 1-year standard deviation channel coincides with the 50% retracement of the May – December decline around 15.70 and this is immediate resistance to watch for a reaction. If the metal can move above there then attention will shift to the Fibonacci confluence area between 16.03 and 16.20 ahead of the broader double bottom trigger at 16.34. The 200-day moving average around 15.07 is clear support given yesterday’s successful test and only a move under there would warn a correction of some importance is unfolding.

Get DailyFX’s top trading opportunities of 2016 HERE

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX

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

DISCLOSURES