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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Silver Prices Are Pinned Down

Silver Prices Are Pinned Down

Alejandro Zambrano, Market Analyst

Silver prices are trapped in the $15.11 to $15.46 range. A breakout from this range is needed to be able to determine the next step for prices. On a break to the upper limit at $15.46, silver may reach the February 14 high of $15.79, while a break to the lower limit of $15.46, may trigger a decline to the next low in line, namely the February 8 low of $14.91.

Should we expect a major rally today similar to the one experienced last week? I do see this as unlikely today given that stock markets are clawing back losses, which in turn is lowering the demand for safe haven assets such as silver. However, later this week action may pick up as it would not surprise me if stock markets resume their bearish trends.

The most likely trigger for a sustained rally (either bullish or bearish) is the January Fed Minutes update, to be published tomorrow evening. Followed by U.S. Industrial production earlier the same day, Philadelphia Fed index on Thursday, and finally U.S. CPI on Friday.

Today, Empire Manufacturing is on tap at 13:30 GMT, with a Bloomberg Survey projecting an outcome of -10.50, from the shocker drop of -19.37 in January. It is indicators like this one that if continuingto drop to recessionary levels, will persist in keeping the multi-week trends bullish for silver prices.

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

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.