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
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
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
Wall Street
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
Gold
Mixed
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
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
USD/JPY
Bullish
More View more
Real Time News
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.20% FTSE 100: 0.16% France 40: 0.13% Wall Street: -0.01% US 500: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ocJM79mXIK
  • Commodities Update: NYM WTI Crude 40.14 (+0.53), ICE Brent Crude 41.75 (-0.05%), NYM NYH Gasoline 119.10 (+0.82%). [delayed]
  • USD/CAD price reverses lower as the US Dollar surrenders recent gains back to the Loonie. Get your $USDCAD market update from @RichDvorakFX here: https://t.co/gikRAF4Kh8 https://t.co/koyX0zf5w3
  • "USD/CAD Price Outlook: Canadian Dollar Recoils at 100-Day MA" Link to Analysis via @DailyFX - https://www.dailyfx.com/forex/market_alert/2020/09/24/usdcad-usd-cad-price-outlook-canadian-dollar-recoils-at-100-day-ma.html $USDCAD $USD $CAD #FX #Forex #Trading https://t.co/g8UDn0Vffs
  • #Oil Price Outlook: #Crude Caught at Resistance- $WTI Breakout Pending - https://t.co/PmOjGYDx97 https://t.co/JeC4TvlA6i
  • Speaker Pelosi aiming for $2.4 trillion in stimulus proposal according to aides - BBG
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 1.29% Gold: 0.33% Oil - US Crude: -0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/vGkrwaFvt1
  • Fragile risk sentiment has continued to benefit the US Dollar, which has taken the title of the preferred safe-haven from the likes of the Japanese Yen and Swiss Franc. Get your market update from @JMcQueenFX here: https://t.co/jAFn7qGcbd https://t.co/nWLD7cSQUO
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.89%, while traders in EUR/GBP are at opposite extremes with 66.41%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/fWlXXvQUkT
  • 🇲🇽 Interest Rate Decision Actual: 4.5% Expected: 4.25% Previous: 4.5% https://www.dailyfx.com/economic-calendar#2020-09-24
Silver Prices – Down-trend Persists, But Support Provides Warning to Shorts

Silver Prices – Down-trend Persists, But Support Provides Warning to Shorts

2015-12-11 12:54:00
Paul Robinson, Strategist
Share:

Highlights:

  • Down-trend has been pervasive, but...
  • Support is at hand, providing backdrop for potential bounce
  • FOMC meeting looms, trading expected to be erratic until then

Silver prices are currently trading in the $13.95/82 area where a bounce has developed on three occasions since November 23rd. Can it make it a fourth? At the immediate moment the benefit of the doubt must be given to the short-term downward trend dating back to the Monday high at $14.62.

A break below the 12/2 low at $13.82 does not necessarily open the door up for an aggressive move lower, though, due to the existence of a bottom-side parallel around the $13.75 mark. So, even if we see a breakdown below the 12/2 low, shorts could be reined in fairly quickly.

While certainly not ‘feeling it’ from the long-side, as a hard-fastened rule I don’t short into support, just as I don’t buy into resistance. With that in mind, in the support zone or at the lower parallel should we see a strong bullish reversal or engulfing bar on the 4-hr to 1-day time-frame I am inclined to believe a rebound could ensue in the very near-term, despite the generally pervasive down-trend.

For the aggressive-minded trader looking to establish a long this could soon be a good place to start. If, however, you have been riding a short position lower, this is not a bad spot to at least tighten up trailing stops or book profits altogether.

Next week’s FOMC meeting looms large. The Fed is expected by many to raise rates for the first time since ending its last tightening cycle in 2006. Trading between now and then is likely to become erratic as market participants square up positions ahead of such a major event. Taking that into consideration, from a tactical standpoint taking only quick ‘hit-and-run’ trades or standing aside all together – in any asset class – makes the most sense.

Silver Prices (XAGUSD) 4-hr: Nov - Present

Silver Prices – Down-trend Persists, But Support Provides Warning to Shorts

Written by Paul Robinson, Market Analyst

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

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

DISCLOSURES