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
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
GBP/USD
Mixed
USD/JPY
Bullish
Gold
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
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • The #oil price sell-off is testing near-term uptrend support today and the immediate focus is on a break of the weekly opening-range for guidance. Get your oil technical analysis from @MBForex here: https://t.co/8IlxKpjOyL #OOTT https://t.co/GT2w7lPeve
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Silver: 2.22% Gold: 1.37% Oil - US Crude: -0.87% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/vwR3lOaT5D
  • LIVE IN 30 MINUTES: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/webinars/1338844901231735299
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.03% 🇬🇧GBP: 0.01% 🇨🇭CHF: -0.10% 🇪🇺EUR: -0.22% 🇦🇺AUD: -0.31% 🇳🇿NZD: -0.68% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/McwKfRxl99
  • LIVE IN 45 MINUTES: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/webinars/1338844901231735299
  • Apple iPhone supply woes to continue into April according to Nikkei $AAPL
  • LIVE IN 55 MINUTES: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/webinars/1338844901231735299
  • Join @JStanleyFX 's #webinar at 1:00 PM ET/6:00 PM GMT for his weekly update on trading price action. Register here: https://t.co/yu1uNFb2tm https://t.co/sAPPgefirW
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.03% France 40: -0.10% US 500: -0.95% Wall Street: -1.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/t8DJNqCJJT
  • no luxury brands left behind... https://t.co/FhQL9ofmGo
Silver Prices Turned Higher, FOMC on Tap

Silver Prices Turned Higher, FOMC on Tap

2016-04-27 11:57:00
Alejandro Zambrano, Market Analyst
Share:

Talking Points

Yesterday, silver prices took a leap higher and breached the narrow range of $16.76 and $17.13, a range which had kept the price trapped in recent days. Following the break to the range, the price reached the April 22 high of $17.37, a level we had highlighted as resistance in yesterday’s update.

The motivator behind the rise of Silver prices was the outcomes of Durable Goods Orders and Consumer Confidence, which failed to meet their Bloomberg News projected outcome.

The next resistance level for silver prices is the psychological level of $17.50, followed by last week’s high of $17.73.

The short-term trend is bullish, as the April 21 low of $16.76 is the most recent swing low and is a higher low than the prior swing low of $16.13 (formed on April 18). A short-term support level is the April 25 high of $17.13, which is the same level that had previously capped the price.

Today’s FOMC Rate Decision could turn today’s trading session into a volatile one. Per the Fed Funds Futures, markets are predicting a near to zero probability of a rate hike.

Instead, the focus will be on the language of the rate meeting statement. Traders are looking for hints of the Fed leaning towards a June rise. If it indeed provides clues of this happening then it could be a game changer as the Fed Funds Futures gives a low 21.6% probability of a June rate hike happening.

For interesting setups pre-FOMC, see Webinar: Price Action Setups Pre-FOMC by James Stanley, Currency Analyst.

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

News & Analysis at your fingertips.