Talking Points
- The trend of silver prices is upwards above Thursday’s low of $15.16.
The short-term trend is bullish above Thursday’s low of $15.16 and as long as this low is respected by traders, silver prices may drift higher.
On a breach to Thursday’s low of $15.16, the trend may turn bearish and a decline to the March 3 low of $14.87 may come into play.
The bullish trend may also accelerate on a successful break to the March 7 high of $15.83. This high is capping price and a successful break here, may open the door for a rally to the February 11 high of $15.97. Beyond the February 11 high the next potential resistance level is the October 14 high of $16.23.
There are no major events on tap today which may affect price. Later this week the FED rate meeting is on deck and this may influence the demand for the USD, which in turn may affect silver prices.
See the DailyFX Analysts' 1Q forecasts for the Dollar, Euro, Pound, Equities and Gold
Silver Prices | FXCM: XAG/USD
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
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