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Silver: Can Jobless Claims Tempt Traders To Break The Deadlock?

Silver: Can Jobless Claims Tempt Traders To Break The Deadlock?

Alejandro Zambrano, Market Analyst

Talking Points

  • Silver prices oscillate around $15.26.
  • The upper limit to the current range is $15.47, while the lower limit is Tuesday’s low of $15.08.
  • Jobless Claims, Chicago PMI, and speeches by the Fed’s Evans and Dudley may be enough to break the current stalemate over silver prices.

Silver prices have been range bound over the last few days with yesterday’s high of $15.46 capping prices and Tuesday’s low of $15.08 supporting them.

The support levels beyond Tuesday’s low of $15.08 are the March 3 low of $14.87 and the March 1 low of $14.75.

Resistance levels beyond yesterday’s high are the March 21 low of 15.72, followed by the March 22 high of $16.02.

At this stage it’s hard to know which way price may break from its $15.46 - $15.08 range, as price lacks a strong trend on the daily chart. We do note however that the USD is slightly lower against all of its G10 peers in today’s trading session.

Jobless Claims, Chicago PMI and speeches by the Fed’s Evans and Dudley may be enough to break the current stalemate over silver prices.

Jobless Claims are expected to remain unchanged from last week’s figure of 265K, while Chicago PMI is expected to rise to 50.5 from its February level of 47.6 according to a Bloomberg News Survey. The Fed’s Dudley and Evans may provide further insights into the Fed’s policy, following Fed Chair Yellen earlier this week when she hinted that the Fed is likely to remain cautious when approaching the issue of possible further rate hikes.

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Silver Price | FXCM: XAG/USD

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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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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