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.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
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
USD/JPY
Bullish
Gold
Mixed
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
Bitcoin
Bearish
More View more
Real Time News
  • ahead of the weekend. bit of tightening up $SPX $SPY https://t.co/CkzkfztBnj
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.96%, while traders in France 40 are at opposite extremes with 75.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/xjI8nYENS0
  • $USDMXN's aggressive intraday reversal from highs has left a very large upper wick on the daily chart. Biggest bullish tail since Sep 5, 2018 https://t.co/xgKxc9FC68
  • $GBPUSD churns steadily lower as the Pound Sterling succumbs to broader US Dollar strength, but the cable could soon find technical support. Get your GBP/USD market update from @RichDvorakFX here: https://t.co/3nkJfWLXXV https://t.co/H8x3p1S413
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.28% France 40: -0.28% Wall Street: -0.91% US 500: -1.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/tXRNBSAR3O
  • Fed's Bostic: - No structural changes from coronavirus expected - Not concerned over financial markets having a different outlook on rates $DXY
  • A perusal of top market headlines includes stories equivalent to Dow holds near record highs as outlook for growth and return prevails right next to a 30-year Treasury bond hits record high as market seeks safety. Hmmm... https://t.co/Fe1j9IRx8S
  • German Chancellor Merkel: - A lot of work until a budget deal is reached in the EU - Not sure when EU members will meet again $EURUSD
  • Markets: Challenge accepted https://t.co/pTMKvvCtPi
  • Fed's Clarida: - Expectations are near low end for price stability - BBG
The Silver Price Rally Takes A Breather

The Silver Price Rally Takes A Breather

2016-04-13 11:59:00
Alejandro Zambrano, Market Analyst
Share:

Talking Points

  • Silver prices have traded lower following lower demand for haven assets.
  • U.S. Retail Sales are on deck today and may impact silver via the USD.
  • The current yearly high of $16.29 is capping price. Beyond the $16.29 high, the October 28 high of $16.38 is the next level of resistance. A short-term support level is yesterday’s low of $15.81.

Silver prices have pulled back slightly from their current yearly high of $16.24 as the demand for safe haven assets are lower following strong global stock markets and a strong USD.

The higher stock markets are motived by the return of growth for Chinese exports, which investors see as being both a sign of encouragement and stabilization for the Chinese economy. The USD is, at the time of writing, today’s winner with the strongest gains being witnessed vs. funding currencies such as the Swiss Franc, Euro, and the Japanese Yen.

Going forward the monthly U.S. Retail Sales report is on deck and may influence the price of silver via the USD. Consumer activity is what has been driving the U.S. economy forward while Industrial Production has been contracting. Hence, the Fed is keen on seeing further gains if it is to continue to raise rates. Later in the day the Fed releases its Beige Book, which provides further clues as to the state of the U.S. economy.

From a technical point of view, silver’s current yearly high of $16.29 is capping price. Beyond the $16.29 high the October 28 high of $16.38 is the next level of resistance, following the June 2, 2015 high of $16.88.

Traders who are looking for a strong support level will notice that silver prices are trading far away from the last major low, namely the April 1 low of $14.81. A short-term support level is yesterday’s low of $15.81.

Our forecasts for Q2 2016 are now live on the site. Download them for free.

Silver Price | 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

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

DISCLOSURES

News & Analysis at your fingertips.