Skip to Content
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. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
Can Silver Prices Remain Trapped Following Today’s U.S. Data?

Can Silver Prices Remain Trapped Following Today’s U.S. Data?

Alejandro Zambrano, Market Analyst

Talking Points

  • The $16.76 and $17.13 levels are keeping silver prices trapped.
  • Scheduled for today is a batch of U.S. data, as Durable Goods Orders and Consumer Confidence may be spurring on silver traders to act.

Silver price trading has been relatively muted over the last two days, in comparison to last week’s strong gains.

The narrow range of $16.76 and $17.13 has kept silver prices trapped at the time of writing. Yesterday’s high is the $17.13 level while the $16.76 low was formed following the April 21 ECB rate meeting. With price being coiled, a trend may emerge on a break to this range.

Support levels below the ECB rate meeting low are the psychological level of $16.50 followed by the April 18 low of $16.13. Resistance levels beyond the $17.13 high are the April 22 high of $17.37 and last week’s high of $17.73.

There is no lack of market moving events on deck today.

The batch of U.S. data starts with Durable Goods Orders, which is expected to have risen by 1.9% MoM. Markit U.S. Services PMI and Consumer Confidence Index follow the Durable Goods Orders report. The general tendency is for a better than expected outcome to boost the USD, which may affect silver prices in a negative way. While a lower than expected reading may have a negative effect on the USD, there may be a positive effect on silver. See our economic calendar with expected outcomes.

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

Contact and follow Alejandro on Twitter: @AlexFX00

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