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
Mixed
Oil - US Crude
Mixed
Wall Street
Bearish
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
Gold
Mixed
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
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
USD/JPY
Mixed
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
  • Gilead Sciences Phase 3 trial - Remdesivr generally well-tolerated in both 5-10 day working treatment groups - Odds of improvement in clinical status with 10day course were trending toward by not reaching statistical significance
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.59%, while traders in US 500 are at opposite extremes with 75.72%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ebB7GRBgFs
  • LIVE NOW: Join Technical Strategist @MBForex for his Weekly Strategy Webinar to review the setups we're tracking into the open of the month! https://t.co/chKtG7waxH
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 1.09% 🇨🇦CAD: 0.50% 🇳🇿NZD: 0.48% 🇪🇺EUR: 0.10% 🇯🇵JPY: 0.07% 🇨🇭CHF: -0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/bVCqFfLZYU
  • Weekly Strategy Webinar starting in 15min! https://t.co/lxd5fZ5LG7
  • Heads Up:🇧🇷 BCB Focus Market Readout due at 11:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-06-01
  • 🇲🇽 Business Confidence Actual: 35.2 Previous: 37 https://www.dailyfx.com/economic-calendar#2020-06-01
  • $AUDUSD: por encima de los niveles previos al #COVID19 #aud #usd #trading https://t.co/6PqkeurnQE
  • Hopes are high for deeper European economic integration as the continent battles back from the coronavirus slowdowns – but will it hold? What impact can this have on #Euro? Find out from @JStanleyFX here: https://t.co/b9ZWRd4cTr https://t.co/4ippNiIhEU
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.69%, while traders in US 500 are at opposite extremes with 75.91%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/5zdOjLokqv
Silver Price: Traders Test Both Sides of the $16.88-$17.56 Range

Silver Price: Traders Test Both Sides of the $16.88-$17.56 Range

2016-05-13 12:08:00
Alejandro Zambrano, Market Analyst
Share:

Talking Points

  • Silver volatility is high within the $16.88-$17.56 range as it tests both sides of the range.
  • The demand for USD may affect the price of silver; U.S. Retail Sales may gain by 0.8% MoM from -0.3% in March as per a Bloomberg News poll.

Despite silver prices being trapped within the $16.88-$17.56 range and volatility usually contracting when prices are trapped; the price swings have been brutal.

Merely two days ago, price attempted to breach the May 6 high of $17.56, however, overnight during the Asian session, bearish traders attempted a run on the lower end of the $16.88-$17.56 range. There is no apparent driver to the latest decline.

For now, the trend is neutral as neither bullish nor bearish traders have firm control over prices. Resistance levels above the $17.56 high are the May 5 high of $17.61, followed by the May 3 high of $17.70. The next support level below the $16.86 low is the March 25 low of $16.78, followed by the psychological level of $16.50.

U.S. Retail Sales may gain by 0.8% MoM from -0.3% in March as per a Bloomberg News poll. The report is important for the Fed and potential rate hikes, as the U.S. manufacturing sector is soft and the general growth of the U.S. economy is driven by consumption. The U.S. Retail Sales report gives us a hint of how Personal Consumption may have developed.

With the Fed hoping to raise rates later this year, a solid gain to U.S. Retail Sales may be needed in order for GDP growth to meet the Fed’s expectations. With this in mind, a stronger than expected U.S. Retail Sales figure may boost the USD and soften silver, while a lower than expected outcome may have the opposite effect. The U.S. PPI report is also on deck as well as U.S. Michigan Consumer Sentiment. For more on the same topic, read today’s update by Ilya Spivak, Currency Strategist at DailyFX.

Our forecasts for Q2 2016 are 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

News & Analysis at your fingertips.