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.

Free Trading Guides
Oil - US Crude
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
  • The politics of the US and UK may be starkly divided but their grip on the vast, $6.6 trillion global foreign exchange trade seems as tight as ever. Get your market update from @DavidCottleFX here:https://t.co/xTKHOvrIqg https://t.co/z7ogzy00dy
  • What are the Market cycles? How are #currencies impacted in these cycles? How can these cycles impact #forextrading patterns? Find out here: https://t.co/ckr2fUOWqW https://t.co/g7iT8bpi7f
  • What are a few of the common trading mistakes made by traders? Find out from @WVenketas here: https://t.co/d3OFc4yGao #tradingstyle https://t.co/wQ1MAkOb0n
  • The UK population voted the Conservative government back in with a strong majority, giving PM Johnson the backing to push Brexit through. And Sterling (GBP) likes it. Get you $GBPUSD market update from @nickcawley1 here: https://t.co/tjCHWDxoWm https://t.co/Z7Vaadxy5r
  • #Gold prices may fall while the US Dollar gains even as economic policies championed by the Trump administration invite inflation. Get your $gld markets news from @IlyaSpivak here:https://t.co/4lHhHsby56 https://t.co/zF4EyLIRWM
  • Lessons from Bretton Woods are forgotten, the US-China #tradewar represents a true existential threat to the post-World War II international trade order, and in turn, the globalized economy that has grown out of the ashes of history. More from @CVecchioFX :https://t.co/paaBxX6Xt0 https://t.co/tcjkQnaBWl
  • What are the truths and myths of #forex trading? Find out from @DailyFX analysts here: https://t.co/uF75VPzstr #FOMOintrading https://t.co/bDXG2dV3wG
  • The US Dollar technical outlook against the Euro, British Pound, Australian Dollar and New Zealand Dollar are discussed. Large wicks left signs of indecision, will reversals follow? $EURUSD $GBPUSD $AUDUSD $NZDUSD - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/12/15/US-Dollar-Technical-Outlook-EURUSD-GBPUSD-AUDUSD-NZDUSD.html?CHID=9&QPID=917702 https://t.co/dpuIppxo3F
  • What are some trading mistakes @nickcawley1 made during his career and what did he learn from them? Find out: https://t.co/y3cckNW22W https://t.co/vUQyVl6b0e
  • Growth linked currencies have gained as investors hope for progress on the trade front as well as stimulus from the Fed. The global economy however remains depressed and seems likely to remain so. Get your market update from @DavidCottleFX here: https://t.co/jt1HH9AHLM https://t.co/Yz65AMJYlm
Silver Prices To Trade At $15.98 If The Correlation To Gold Holds

Silver Prices To Trade At $15.98 If The Correlation To Gold Holds

2016-02-09 13:43:00
Alejandro Zambrano, Market Analyst

With the DAX 30 reaching a new monthly low this morning, silver prices may rally once again.

Technical Trend Is Bullish Above $14.90

Silver prices are consolidating after yesterday’s strong gains and traders will probably see a break to yesterday’s high of $14.49 as an opportunity to add to their bullish exposure. On a break to the high, silver may reach the October 9 low of 15.62. A move higher is also suggested given the correlation to gold prices, a simple linear regression analysis suggesting that silver is trading at a discount to gold, and should be trading at $15.98 on gold prices trading at or above $1192 dollar per ounce.

The alternative scenario is for silver to give back 50% of yesterday’s gains, taking price to the $15.19 to $15.30 range, and it is here that the risk/reward ratio favours long positions. For price to end its bullish momentum, it would need to break below yesterday’s low of $14.90, and in this scenario price may reach Friday’s low of $14.68.

German Industrial Production Declines And Adds To Bearish Sentiment

Adding to the bearish sentiment this morning is German Industrial Production declining by 2.2% YoY in December. This suggests that E.U. GDP may have dropped to 0.63% YoY from 1.6% YoY in the third quarter of 2015, thereby triggering a softer DAX 30, which is now down by nearly 30% since its high in April 2015.

Today, U.S. NFIB Small Business Optimism, Wholesale Inventories and JOLTS Job openings are on deck. See all data on our economic calendar.

What are the DailyFX Top Trading Opportunities in 2016? Download your guide here.

Silver Prices | FXCM: XAG/USD

Please add a description for the image.

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

Struggling with Trading? Join a London Seminar

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


News & Analysis at your fingertips.