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Silver Prices Rest Below Critical Resistance Ahead of CPI Report

Silver Prices Rest Below Critical Resistance Ahead of CPI Report

2016-04-14 11:55:00
Alejandro Zambrano, Market Analyst
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Talking Points

  • Silver prices have lingered below the October high of $16.38 over the last two days.
  • The next significant level of resistance beyond the October high is the May high of $17.80.
  • A strong level of support is the April 4 low of $14.92.
  • Potential market moving events today are the U.S. Jobless Claims and the U.S. inflation report.

Silver prices have lingered just below the October high of $16.38 over the last two days and when it last did this, spent one month doing so. The October high of $16.38 appears, therefore, to be critical for the market.

The next significant resistance level beyond the October high is the May high of $17.80. Interim resistance levels between the $16.38 and $17.80 range are the May 29 high of $16.88 and the June 1 high of $17.20.

A strong level of support is the April 4 low of $14.92, while a short-term support level is Tuesday’s low of $15.81

Potential market moving events today are the U.S. Jobless Claims and U.S. Consumer Price Index and depending on the outcome the reports may affect silver prices via the USD.

U.S. CPI is projected to rise by 1.1% YoY while the Core reading is expected to increase by 2.3% YoY. These reports will be crucial for the USD as persistently strong headline along with core inflation may well push the Fed to hike rates in 2016, a situation for which it could be argued the markets are not ready. Overnight Index Swaps are currently pricing in slightly less than 17 bps worth of rate hikes before the end of 2016. The Fed themselves project an increase to their key rate by 50 bps.

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

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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