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.

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
Oil - US Crude
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
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/JhYoQ7I19K
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here: https://t.co/BEYupi32qB https://t.co/PWeXE8tZVY
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/t34kotPE8R
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/lM1OIJdjhr
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/6qGEVjDlN6
  • Although the medium-term outlook remains negative, Bitcoin could make a bullish move in the coming days if prices manage to hold above key support in the $29,150/28,600 region. Get your #Bitcoin forecast from @DColmanFX here: https://t.co/T7iAD0fbbU https://t.co/xVSG7nKIQG
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/HGWZikGQAa
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/bZEFtp8kFe https://t.co/2cQ0JgAfh7
  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/1zuPdKUmyE
  • AUD/USD is likely to face increased volatility over the coming days as it faces a batch of key event risks going into the end of July. Get your Australian Dollar forecast from @DavidJSong here: https://t.co/qFpg0DCxxL https://t.co/quQxg4WBy3
Silver Prices Trade Lower On A Strong Dollar

Silver Prices Trade Lower On A Strong Dollar

Alejandro Zambrano, Market Analyst

Talking Points

  • Silver prices are short-term bearish below the January 25 high of $15.34 and may reach Friday’s low of $14.36.
  • The two prominent price drivers are the US Dollar and S&P 500.
  • A stronger than expected reading of U.S. ISM manufacturing may suppress silver prices, while a softer reading may trigger a gain in silver. A Bloomberg News survey projects that U.S. ISM manufacturing will reach 48.5 from 48.2.

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

Silver prices are short-term bearish below the January 25 high of $15.34 and as long as price trades below this high, it may reach Friday’s low of $14.36. On a breach to the Friday low, silver may reach the February 2 low of $14.23.

The two prominent drivers for the lower silver prices are the US Dollar and S&P 500. Firstly, the Dollar has gained as traders have started to price in rate hikes by the Fed. Secondly, stock markets are higher, which lowers the need for safe haven assets such as silver. The FXCM US Dollar’s daily correlation to silver from February 1 is -0.45 and for the S&P 500 it is -0.41.

Traders not short might use a corrective bounce to short-sell and the interval of $15 to $15.23 may be a likely reversal zone. This range is derived using Fibonacci retracement levels based on the decline from last week’s high of $15.60 to last week’s low of $14.36. Please see the chart below.

U.S. ISM Manufacturing

U.S. ISM manufacturing may suppress silver prices if today’s reading beats the 48.5 projected outcome by a Bloomberg News survey. On a disappointment to this level, silver may gain.

Markit U.S. Mfg. PMI second iteration will be realized before the ISM report and may move silver, but as it’s the second estimate, it may fail to surprise the markets and it is likely that volatility will remain muted until the ISM release. U.S. Construction Spending figures for January are also due to be published shortly.

For more data reports, which may influence silver prices, please see our economic calendar.

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