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

ECB leaves all rates unchanged in line with expectations

Real Time News
  • Tune in to @PeterHanksFX 's #webinar at 9:00 AM ET/2:00 PM GMT to learn how to identify trends with trader #sentiment. Register here: https://t.co/MqVMi2INbJ https://t.co/clw4rF8l2B
  • 🇪🇺 EUR ECB Marginal Lending Facility (DEC 12), Actual: 0.25% Expected: 0.25% Previous: 0.25% https://www.dailyfx.com/economic-calendar#2019-12-12
  • 🇪🇺 EUR European Central Bank Rate Decision (DEC 12), Actual: 0.00% Expected: 0.00% Previous: 0.00% https://www.dailyfx.com/economic-calendar#2019-12-12
  • 🇪🇺 EUR ECB Deposit Facility Rate (DEC 12), Actual: -0.50% Expected: -0.50% Previous: -0.50% https://www.dailyfx.com/economic-calendar#2019-12-12
  • LIVE NOW: Join Senior Currency Strategist @CVecchioFX as he talks about the most relevant information at the moment from the major central banks in the world. Register here: https://www.dailyfx.com/webinars/888096923?CHID=9&QPID=917720
  • Heads Up:🇪🇺 EUR ECB Deposit Facility Rate (DEC 12) due at 12:45 GMT (15min), Actual: N/A Expected: -0.50% Previous: -0.50% https://www.dailyfx.com/economic-calendar#2019-12-12
  • Heads Up:🇪🇺 EUR ECB Marginal Lending Facility (DEC 12) due at 12:45 GMT (15min), Actual: N/A Expected: 0.25% Previous: 0.25% https://www.dailyfx.com/economic-calendar#2019-12-12
  • Heads Up:🇪🇺 EUR European Central Bank Rate Decision (DEC 12) due at 12:45 GMT (15min), Actual: N/A Expected: 0.00% Previous: 0.00% https://www.dailyfx.com/economic-calendar#2019-12-12
  • LIVE IN 30 MIN: Join Senior Currency Strategist @CVecchioFX as he talks about the most relevant information at the moment from the major central banks in the world. Register here: https://www.dailyfx.com/webinars/888096923?CHID=9&QPID=917720
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.81%, while traders in US 500 are at opposite extremes with 76.69%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/SvD9Z6XF2m
Silver May Be Carving Out a Major ‘Head & Shoulders’ Pattern

Silver May Be Carving Out a Major ‘Head & Shoulders’ Pattern

2016-02-17 12:00:00
Alejandro Zambrano, Market Analyst
Share:

Silver prices remain trapped between $15.11 and $15.46, and a break to this range is needed for momentum to pick up.

A break to $15.46, which is the upper limit of the current range may potentially open for a rally to the February 12 high of 15.79, while a breach to the lower limit of $15.11 may trigger a decline to the February 8 low of $1.49. U.S. Industrial Production and today’s FOMC Minutes are likely triggers. See our economic calendar.

Head and Shoulders Pattern Suggests A Decline To $14.27

Chartists may also notice that silver prices are in the process of carving out a ‘Head and Shoulders’ pattern with the February 9 being the left shoulder, the February 16 high being the right, and the February 11 high being the head.

The $15.11 level is the ‘neckline’ and a break to this level may trigger a drop to $14.25 as it is the price target for this trading pattern. The target is based on the difference between the ‘head’ and the ‘neckline’.

Something not in favor of this scenario playing out is the overall bearish trend of stock markets, with a major rally in stocks needed to lower the demand of safe haven assets. A major bounce in the U.S. Dollar is also needed, and this is a scenario which may not happen until U.S. data turns supportive.

However, we may still have the $14.27 target in mind, if the $15.11 level gets taken out.

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.