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Silver Prices: Resumption of Bearish Trend, Traders Target $15

Silver Prices: Resumption of Bearish Trend, Traders Target $15

Alejandro Zambrano, Market Analyst


Silver prices keep on sliding.

The break of the bullish-trend line (show in the chart below) marks a resumption of the bearish trend. It would not surprise me if the current high of $15.45 becomes today’s high, but it is a question of when and if we breach yesterday’s low of $15.25. We expect the price to reach the psychological level of $15. Gold prices have already breached yesterday’s low and this confirms the bearish trend for silver prices.

The motivation for softer metals is the stronger Dollar and the prospects of the Fed rising rates in December or early next year. The markets are now pricing in two Fed rate hikes by this time next year according to Bloomberg News estimations based on the Overnight Index Swaps.

However, according to Fed September projections the Federal funds rate may increase by 100bps, or 4 rate hikes. This means the Dollar and rates will increase further (if the Fed is correct in their projections). This allows for softer silver prices over the next few months. The metals industry is also plagued by ample supply and low demand.

Upcoming Risk Events (GMT)

Silver: The Trend Is Bearish Below $15.60, Price May Reach $15

Created with Marketscope/Trading Station II; prepared by Alejandro Zambrano

--- Written by Alejandro Zambrano, Market Analyst

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