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
Subscribe
Please try again
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
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
More View more
Real Time News
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here: https://t.co/bTXkGN1CIM #DailyFXGuides https://t.co/E8nwHmBwE6
  • Missed the weekly outlook webinar today? See the recording here: https://t.co/7vz7cXUZfJ #Dollar #stimulus #stocks #gold
  • 🇨🇭 Unemployment Rate (FEB) Actual: 3.6% Previous: 3.7% https://www.dailyfx.com/economic-calendar#2021-03-08
  • USD/HKD edged higher as stock market melted down.. Capital outflow? https://t.co/isRXrgVIlv
  • Heads Up:🇨🇭 Unemployment Rate (FEB) due at 06:45 GMT (15min) Previous: 3.7% https://www.dailyfx.com/economic-calendar#2021-03-08
  • 🇯🇵 Eco Watchers Survey Outlook (FEB) Actual: 51.3 Previous: 39.9 https://www.dailyfx.com/economic-calendar#2021-03-08
  • Gold, Crude Oil Price Forecast: Edging Higher on the Back of Stimulus, Saudi Oil Facility Attack https://www.dailyfx.com/forex/market_alert/2021/03/08/Gold-Crude-Oil-Price-Forecast-Edging-Higher-on-the-Back-of-Stimulus-Saudi-Oil-Facility-Attack.html https://t.co/ZXrwjTaK3W
  • 🇯🇵 Eco Watchers Survey Current (FEB) Actual: 41.3 Previous: 31.2 https://www.dailyfx.com/economic-calendar#2021-03-08
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/ZdQnb2WoEc
  • Heads Up:🇯🇵 Eco Watchers Survey Outlook (FEB) due at 06:00 GMT (15min) Previous: 39.9 https://www.dailyfx.com/economic-calendar#2021-03-08
Silver Prices: Waiting For a Breakout

Silver Prices: Waiting For a Breakout

Alejandro Zambrano, Market Analyst

Silver trading has been sluggish since the start of the week and price remains trapped between the February 10 low of $15.11 and the February 16 high at $15.46.

Sluggish trading is not uncommon for silver and shouldn't be seen as bad. Because when a breakout occurs the move tends to be explosive.

The Levels To Watch

A break to the upper end of this range (the $15.46 high), may open the door for a rally to the February 12 high of $15.79, while break to this level opens for a rally to the current yearly high at $15.97.

Soft stock markets and a weak U.S. Dollar supports a boost to silver prices. While a major reversal in these markets would suggest lower silver prices.

On a breach to the lower limit at $15.11 the price may drop to the February 5 low of $14.62. Also as mentioned in yesterday's outlook, silver maybe in the process of carving out a major ‘Head and Shoulders’ pattern with the price reaching $14.25. For more and this please read yesterday's outlook.

Macro Data On Deck

Today at 13:30 GMT, a Bloomberg poll projects U.S. Jobless Claims to rise from 269k in the prior week to 275k. A lower than expected outcome implies less people are applying for unemployment benefits, which to some extent suggests that the U.S. labor market is doing better than expected. This may boost the Dollar and soften silver. While a higher than expected outcome may have the opposite effect on silver. The Philadelphia Fed index is also on tap and projected to print -3 from -3.5.

Download 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