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
EUR/USD
Bullish
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
Bullish
Gold
Bearish
Oil - US Crude
Bullish
Bitcoin
Mixed
More View more
Breaking news

British Pound surges after UK exit poll shows Conservatives expected to win 368 seats out of 650

Silver Prices: Traders Book Profits On Long Positions

Silver Prices: Traders Book Profits On Long Positions

2016-02-15 12:50:00
Alejandro Zambrano, Market Analyst
Share:

Silver prices have given up a bit more than 4% from last week’s high of $15.97 as the increased risk-appetite lowers the demand for safe haven assets like silver. On the flip side, the S&P 500 has risen by 4.8% from its multi-month low set last week.

A return of a soft stock market is needed for a continued rally in silver prices, as the latest rise in silver prices is due to safe haven demands and a weaker dollar (which is a symptom of soft economics in the U.S. and worldwide, delaying the normalisation of short-term interest rates in the U.S.).

From a technical point of view, a break to $15.46 is needed for the bullish trend to resume. In this scenario the price of silver may reach the high of $15.79. While on a break to the February 10 low of $15.11, I would expect silver to slide to the next low and support level, which is the February 5 low of $14.67, though even higher stock markets or a stronger Dollar would be needed for this to occur.

See the DailyFX Analysts' 1Q forecasts for the Dollar, Euro, Pound, Equities and Gold

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.

DISCLOSURES

News & Analysis at your fingertips.