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
More View more
Real Time News
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/Ll9NIE79mb
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 0.65% Gold: 0.18% Oil - US Crude: -0.60% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/l5DYPYnqNL
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.84% 🇦🇺AUD: 0.30% 🇬🇧GBP: 0.17% 🇪🇺EUR: -0.04% 🇨🇭CHF: -0.07% 🇯🇵JPY: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/bj4qDvAPDE
  • US Dollar at the Mercy of Economic Data, ADP Jobs Report in View - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/08/04/US-Dollar-at-the-Mercy-of-Economic-Data-ADP-Jobs-Report-in-View.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #Dollar #ADP #Fed #EURUSD https://t.co/ioMIim3jia
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.78% France 40: 0.52% FTSE 100: 0.34% US 500: -0.08% Wall Street: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/eR5bjv9FSY
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/rJznrXkcYz https://t.co/GsrgNzZU8h
  • AUD/JPY IG Client Sentiment: Our data shows traders are now net-long AUD/JPY for the first time since Jul 22, 2021 when AUD/JPY traded near 81.31. A contrarian view of crowd sentiment points to AUD/JPY weakness. https://www.dailyfx.com/sentiment https://t.co/dB1g2SisC5
  • 💶 Retail Sales YoY (JUN) Actual: 5% Expected: 4.5% Previous: 8.6% https://www.dailyfx.com/economic-calendar#2021-08-04
  • Heads Up:💶 Retail Sales YoY (JUN) due at 09:00 GMT (15min) Expected: 4.5% Previous: 9% https://www.dailyfx.com/economic-calendar#2021-08-04
  • 🇬🇧 Markit/CIPS UK Services PMI Final (JUL) Actual: 59.6 Expected: 57.8 Previous: 62.4 https://www.dailyfx.com/economic-calendar#2021-08-04
Silver Stalling?

Silver Stalling?

Alejandro Zambrano, Market Analyst

Silver prices are more or less flat since yesterday and our technical outlook therefore remains the same.

The short-term trend is bullish above the February 29 low of $14.60 and this suggests that prices may head higher over the coming days. Silver may trade as high as it did last week, recording a peak of $15.83 and potentially on a break to this high, could increase its position yet further, topping the February high of $15.97.

It should be stated that price is also neutral relative to its trend as it has corrected 50% of the rally from the February 29 low of $14.60. The risk/reward ratio is therefore favoring bullish positions from current levels.

On a break to the February 29 low of $14.60, there is a heightened risk that price may have turned bearish and I would therefore expect bullish traders to be heading for the exit.

Today’s ECB meeting may affect the demand for the U.S. Dollar, which in turn may affect silver, but at this stage it’s hard to know how this may explicitly take form.

In the afternoon, U.S. Jobless claims are on tap and a Bloomberg news poll projects a decline to 275k from 278k. A lower than expected reading may be silver bearish as it suggests that the U.S. labor market is doing better than expected, while a higher than expected outcome may actually have the opposite effect.

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