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
Wall Street
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
  • The S&P 500 finds temporary support in the 100-day moving average, with the index down over 2.2% on the day $SPX $SPY $ES
  • A rough start to the week with the cryptocurrency market a sea of red with losses on either side of -10% a common sight. Get your $btc market update from @nickcawley1 here:
  • RT @BrendanFaganFx: 77 counterparties take $1.224 trillion at Fed's fixed-rate reverse repo $USD $DXY
  • Federal Reserve reports reverse repo facility usages of a record $1.224 tln among 77 counterpartiess
  • US Vice President Kamala Harris is expected to meet with UK Prime Minister Boris Johnson on Tuesday
  • Global 10-Year Government Bond Yields: US - 1.1296 (-6.6bps) UK - 0.792 (-5.2) CA - 1.212 (-6.8) GE - 0.322 (-4.0) FR - 0.02 (-3.6) JP - 0.05 (+1.0) AU - 1.250 (-8.0) CN - 2.893 (-0.0)
  • The South African rand has continued its depreciation against the U.S. dollar this week after the Evergrande default probability remains. Get your $USDZAR market update from @WVenketas here:
  • What is more concerning than just US equities down or global equities being down is that 'risk' across the board is under serious pressure. The more intense and persistent this trend, the greater the risk it turns self-sustaining
  • It's rare event where the buy-and-hold, long volatility crowd do a victory lap and say their formal 'I knew it'. The $VXX short-term volatility ETF is up sharply on heavy volume. One of my 'early warning' signals
  • Coinbase will drop its plans to launch its crypto lending program that was under regulatory scrutiny
Silver Prices Give Back Some of Last Week’s Gains

Silver Prices Give Back Some of Last Week’s Gains

Alejandro Zambrano, Market Analyst

Talking Points

  • Silver prices give back some of last week’s gains.
  • The very short-term trend is bearish below this London morning’s high of $17.70.
  • There are no key data reports on deck today.

Silver prices were correcting against a multi-day bullish trend at the time of writing.

Prices reached a high of $18 on May 2 and created a new lower swing low at the $17.70 level this London morning. This leaves the very short-term tend bearish since May 2. However, for now this is a short-term trend within a longer-term bullish trend.

The longer-term trend is bullish above the April 27 low of $17.03 as it is a higher swing low in relation to the April 21 swing low of $16.73. It could be that prices may turn a bit choppy when the two trends meet.

The next short-term support level could be the April 27 high of $17.40, followed by the April 27 low of $17.03 and the April 21 swing low of $16.73. Short-term resistance levels are this morning’s high of $17.70, followed by last week’s high of $18 and the 2015 high of $18.46.

Drivers of price action as of late have been a soft USD and softer stock markets, which has kept precious metals such as silver and gold supported.

Yesterday, the U.S. ISM Manufacturing index slipped to 50.8 from 51.8 and below the economist consensus estimate of 51.4. This highlights that the manufacturing sector is indeed soft, something which the Fed already pointed out as a trouble spot for the U.S. economy. On the other hand, the inflation gauge of the ISM indicator, ISM Prices Paid, rose to 59 from 51.5 and beat the 52.0 expected. This strong rise to Prices Paid may hint of higher than expected inflation in the U.S. economy and could pose a dilemma for the Fed; should the focus on sluggish growth hold back any rate hikes or should the approach be one of combating rising inflation? This is an important question for silver prices as historically a move toward a rate hike has often softened silver prices whilst the USD has gained.

Our Market 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.