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
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
Bullish
Wall Street
Bearish
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
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 85.22%, while traders in France 40 are at opposite extremes with 70.57%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/O3dA4qOEid
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: France 40: 0.14% FTSE 100: 0.09% Germany 30: 0.06% Wall Street: -0.02% US 500: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/MFEjkHP34f
  • Fed's Kashkari: Maximum employment means at the very least back to pre-COVID levels of employment
  • Fed's Kashkari: - I am opposed to rate hikes at least through 2023 - The labor market is still in a deep hole; it will take some time to get people reattached to the work force
  • Fed's Kashkari: - The Fed's interest rate dot plot has provided too-hawkish guidance in the past, I am in favor of getting rid of it - I don't believe the Delta variant of COVID will force the US to return to lockdown
  • Fed's Kashkari: - The Fed is in a decent financial position, therefore it is fine to talk about tapering monthly asset purchases - I am not seeing evidence of unanchored inflation expectations, but if that does occur then we would need to adjust
  • Fed's Kashkari: - The benefits of reducing MBS purchases first would be modest - It may take longer than September to judge progress on labor supply
  • Fed's Kashkari: - Fed funds rate should remain unchanged through 2023 - When it is time to taper, the best case scenario is to stick to the same plan as before
  • Fed's Kashkari: - Inflationary indicators have been higher than predicted, but this is expected to be temporary - Although the success against COVID is inspiring, it is still too early to declare victory
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.06% Silver: -0.11% Gold: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/jXEy4TGAZL
Silver Price Trend Remains Bearish, As FOMC Minutes Don’t Surprise

Silver Price Trend Remains Bearish, As FOMC Minutes Don’t Surprise

Alejandro Zambrano, Market Analyst

The silver price clawed back some of its losses on the aftermath of the FOMC minutes, but silver remains in a downward trend below the November 16 high of $14.44, and I still expect the price of silver to reach its yearly low of $13.95. But the momentum of the downtrend has moderated slightly following the FOMC minutes.

Silver Bulls Under Pressure as FOMC Minutes Still Point Towards A Rate Hike

Yesterday evening’s FOMC minutes did little to change the outlook for a Fed rate hike in December. It did, however, highlight that further rate hikes will be data dependent. This could explain the bounce we saw in silver prices. The key variable to keep an eye on is headline PCE inflation, as it’s the only variable which the Fed is expected to change a great deal over the next year. I would surmise that the Fed funds rate will be raised in line with higher inflation readings.

FED Projections September, 2015

Silver Price Trend Remains Bearish, As FOMC Minutes Don’t Surprise

Source: www.federalreserve.gov

On Tap: Philadelphia Fed. Index and Jobless Claims

Data on tap in today’s session are Philadelphia Fed. index and jobless claims, but they should not alter the technical or macro theme in a major way. However, we can see a bit of a squeeze in silver prices if the data disappoints. Better than expected data readings may trigger a break to yesterday’s low of $14.02, subsequently triggering more short orders and a large slide in silver prices as traders holding stops below the yearly low begin to exit their positions.

Silver Price Trend Remains Bearish, As FOMC Minutes Don’t Surprise

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

--- Written by Alejandro Zambrano, Market Analyst for DailyFX.com

Contact and follow Alejandro on Twitter: @AlexFX00

Learn more about trading, join a London Seminar

To be added to Alejandro’s e-mail distribution list, please fill out this form

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

DISCLOSURES