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.

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
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bullish
USD/JPY
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
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 94.24%, while traders in NZD/USD are at opposite extremes with 73.51%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/CgvQhYDWbr
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/xwtE3mUyHw
  • Japanese Finance Minister Aso says overall the financial system is stable - BBG
  • Join @DanielGMoss's #Webinar at 10:00 PM ET/3:00 AM GMT for his weekly coverage of trading prep for $AUDUSD in the week ahead. Register here: https://t.co/wi1qabrtHJ https://t.co/jNyYJ2yATp
  • South Korean President Moon Jae-in: - Revised GDP shows swift economic recovery underway - Retail investors have supported the South Korean stocks markets - BBG
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/mAKl7spDmH
  • Wall Street Futures Update: Dow Jones (+0.513%) S&P 500 (+0.628%) Nasdaq 100 (+0.755%) [delayed] -BBG
  • Net exports were the biggest drag on Australia's GDP in over 9 years in Q3, according to data released today. #RBA on tap today, full Q3 #GDP report due Wednesday
  • 🇦🇺 Building Permits MoM Prel (OCT) Actual: 3.8% Expected: -3% Previous: 16.2% https://www.dailyfx.com/economic-calendar#2020-12-01
  • 🇦🇺 Building Permits MoM Prel (OCT) Actual: 3.8% Expected: -3% Previous: 15.4% https://www.dailyfx.com/economic-calendar#2020-12-01
Silver Price Rally Stalls After 18.76% Rise From Monthly Low

Silver Price Rally Stalls After 18.76% Rise From Monthly Low

2016-04-22 11:59:00
Alejandro Zambrano, Market Analyst
Share:

Talking Points

  • Following yesterday’s rise to $17.72 silver prices had risen by 18.76% from their monthly low.
  • The technical outlook for silver prices remained bullish to neutral this morning despite prices briefly, and under the commotion of yesterday’s ECB meeting, having traded below the April 20 support level of $16.85.
  • Today, focus will revert to the U.S. as the Markit Manufacturing PMI is on deck. A Bloomberg survey projects a rise to 52 from 51.5.

Yesterday, silver leaped higher and reached $17.72, a level not seen since May 2015. Silver subsequently traded lower as the U.S. Dollar gained following the ECB rate decision. The Central bank said it will keep rates low and is not in a rush to alter its monetary policy.

Today, focus will revert to the U.S. as the Markit Manufacturing PMI is on deck. A Bloomberg survey projects a rise to 52 from 51.5, such a rise potentially lifting the index further away from the December low of 51.1 and the February low of 51.3. To end the downtrend, the PMI would need to breach its January high of 52.4, a scenario that the Fed would probably welcome given their highlighting of the sector as a trouble spot.

A reading above 50 implies that the Manufacturing sector is expanding, while a reading below 50 implies a contraction. The report may affect silver prices via the USD.

The technical outlook for silver remained bullish to neutral this morning despite prices briefly, and under the commotion of yesterday’s ECB meeting, having traded below the April 20 support level of $16.85. Usually, a breach to the trend defining level would end the trend, however in this case, prices swiftly bounced higher and stabilized above the low.

Yesterday’s low of $16.76 is the current swing low, which is a higher low in relation to the April 18 low of $16.14, leaving the trend slightly bullish. A potential resistance level may be the psychological resistance level of $17.50, followed by yesterday’s high of $17.72

We do note however, that following the rise to the $17.72 level, silver prices have risen by 18.76% from their monthly low.

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

Silver Price | CFD: 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