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
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The #HSI looks set to re-challenge the 28,970 resistance. Will it succeed and attempt 30,000 mark today? https://t.co/ujmzRDsByq
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in EUR/JPY are at opposite extremes with 64.29%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/wdG2u51Kl2
  • Japanese Chief Cabinet Secretary Kato: - Vaccine schedule can't be fixed before approval - Tokyo area still facing severe Covid situation - BBG $USDJPY
  • The British Pound may continue gaining ground against its haven-associated counterparts in the near term. However, the currency may give up gained ground against the New Zealand Dollar.Get your $GBP market update from @DanielGMoss here:https://t.co/cIp4BfbsXT https://t.co/VS6g0Z3FKO
  • Not the most common of the Dollar-based majors, but $NZDUSD has tentatively broken its persistent bull trend while net spec futures positioning (COT) hit its highest level since May 2018 https://t.co/4HUxRWqzN4
  • 🇨🇳 FDI (YTD) YoY (DEC) Actual: 6.2% Previous: 6.3% https://www.dailyfx.com/economic-calendar#2021-01-20
  • Wall Street Futures Update: Dow Jones (+0.13%) S&P 500 (+0.21%) Nasdaq 100 (+0.43%) [delayed] -BBG
  • While the US Dollar has been holding its ground, its downside bias against the Singapore Dollar, New Taiwan Dollar Thai Baht and Indonesian Rupiah remains intact as it hovers at support. Get your market update from @ddubrovskyFX here:https://t.co/p7gAztWuVG https://t.co/lsTW6x9gIL
  • Asia-Pacific stocks look set to trade higher after US Treasury secretary nominee Janet Yellen showed her support to Biden’s US$ 1.9 trillion fiscal stimulus plan - a boost to energy, industrial and information technology sectors in particular. https://t.co/VSSHeXgtGF
  • The US Dollar may be finding a turning point against ASEAN currencies as smaller fiscal stimulus bets, soft earnings risk and Covid cases translate into some capital flight from equities. Get your #ASEAN currencies market update from @ddubrovskyFX here:https://t.co/F3uz5GHMSd https://t.co/OfexTM6SnX
Silver Prices Test Last Week’s Low

Silver Prices Test Last Week’s Low

Alejandro Zambrano, Market Analyst

Talking Points

  • The trend of silver prices remains downward below the March 19 high of $16.89.
  • The next support level is last week’s low of $16.32 and below it the April 18 low of $16.09.
  • The Markit U.S. Manufacturing PMI may rise to 51 from 50.8 according to a Bloomberg News poll. However, such a rise would not materially change the PMI trend, which has been drifting lower since it hit a high of 58 in August 2014.

Silver prices were, at the time of writing, bearish below the March 19 high of $16.89 and attempted to breach last week’s low of $16.32. Below last week’s low, the next support level was the April 18 low of $16.09 and the April 14 low of $15.89.

The trend is bearish below the March 19 high of $16.89, as it is one of the several swing highs created following price reaching a high of $17.36 on May 16. The preceding swing high of the March 19 high is the intraday high of $17.15, formed on the afternoon of May 18.

A more recent swing high is the March 20 high of $16.63, however, as it is short-term in nature it is more interesting for short-term traders that we focus on the bigger picture in this article.

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

The Markit U.S. Manufacturing PMI may rise to 51 from 50.8 according to a Bloomberg News poll. However, such a gain would not materially change the PMI trend, which has been moving downward since the index hit a high of 58 in August 2014. The last reading of 50.8 highlighted that the sector was putting in the weakest performance since September 2009. A rise to 51 would also suggest that the average of the first two months of the quarter would be 50.9, which is lower than the average of 51.7 seen in the first quarter of 2016; hence, U.S. economic growth may have moved a notch lower in the second quarter.

This report is important for both the price of Dollar and Silver, as soft readings may delay a Fed rate hike and could thereby yield a boost to silver prices while a strong reading may have the opposite effect and trigger further silver losses.

--- 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