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.

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
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
GBP/USD
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
More View more
Real Time News
  • The S&P 500, Dow Jones and DAX 30 could be at risk of falling as retail traders continue increasing their upside exposure in these indices. What are the key technical levels to watch for? Find out from @ddubrovskyFX here:https://t.co/OJByiwIppr https://t.co/moWS7rqAQG
  • RT @FxWestwater: New Zealand Dollar Outlook: $NZDUSD Drops on US Dollar Bids, Wall Street Losses Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/09/16/New-Zealand-Dollar-Outlook-NZDUSD-Drops-on-US-Dollar-Bids-Wall-Street-Losses.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.c…
  • The US Dollar continues to hold its ground against most ASEAN currencies as recent downtrends lose momentum. What is the road ahead for USD/SGD, USD/THB, USD/PHP and USD/IDR? Find out from @ddubrovskyFX here:https://t.co/UcleaZEAaW https://t.co/dRD22S792t
  • 🇳🇿 Business NZ PMI (AUG) Actual: 40.1 Previous: 62.6 https://www.dailyfx.com/economic-calendar#2021-09-16
  • The Canadian Dollar has been caught in broad ranges against the Euro and the US Dollar, but can the upside bias in USD/CAD and EUR/CAD prolong? Find out here:https://t.co/8DubboXsjv https://t.co/SQAz8sCpmv
  • RT @BrendanFaganFx: Bitcoin Outlook: Crypto Adoption to Become Widespread in Wake of El Salvador, AMC? #Bitcoin #Ethereum $AMC $BTCUSD $ET…
  • Heads Up:🇳🇿 Business NZ PMI (AUG) due at 22:30 GMT (15min) Previous: 62.6 https://www.dailyfx.com/economic-calendar#2021-09-16
  • The 10-day range and realized volatility (ATR) on $USDMXN are the lowest since 2008 and 2014 respectively. Breakout risk is high - when the right spark comes along (eg FOMC) https://t.co/teP1XQI7W6
  • Bitcoin taking a breather today after rallying back above $47,000. 50-day MA crosses back above the 200-day MA $BTCUSD #Bitcoin https://t.co/5Yidx9WQhc
  • AUD/USD extends the decline following the larger-than-expected contraction in Australia employment as fresh data prints coming out of the US fuel speculation for an imminent shift in monetary policy. Get your $AUDUSD market update from @DavidJSong here:https://t.co/40vc0oCeiE https://t.co/vjrF47cALn
Silver Prices: The Grind Continues Ahead of FOMC

Silver Prices: The Grind Continues Ahead of FOMC

Paul Robinson, Strategist

What’s inside:

  • Momentum in silver has slowed, but upward bias still intact
  • Resistance between 17.35 and 17.55 is capping off a further advance at this time
  • Taking a wait-and-see approach into FOMC

In days’ recent, silver prices have seen momentum slow with a bullish tilt to it, as we anticipated following the moonshot move from sub-16. As it turned out, the upward parallel created earlier in the rally held twice this week as support, and currently testing it at the time of this writing.

We will continue to watch how silver trades around this line given the market is proving it as a point of interest. It’s not as if a majority of market participants have the same lines penciled in, but the market is ‘naturally’ gravitating towards it, so we shall too.

The cap on momentum has been the 17.35 to 17.55/60 area where inflection points were created during the first half of May. Rising support coupled with resistance is forcing silver into a small rising wedge-like pattern as we head towards a potentially major market moving event – the FOMC rate decision/policy statement/’dot-plot’. There are zero expectations of rates moving from 0.5%, so the focus will be on the language in the statement and any changes to the Fed members’ anticipated trajectory for interest rates.

Silver 2-hr

Silver Prices: The Grind Continues Ahead of FOMC

What the outcome of the Fed meeting will be, and how markets will react to it and to what extent they will move will be left for someone else to predict. We will take a wait-and-see approach and choose to make assessments once the dust has settled.

For now, we will focus on the previously mentioned technical developments and detail a plan of action after we see how things unfold. The day(s) following Fed meetings tend to be fruitful. There is also the BoJ and BoE tomorrow, so more central bank volatility quickly to follow.

Learn what makes a trader successful in our free trading guide, “Traits of Successful Traders.”

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX, and/or email him directly at instructor@dailyfx.com

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

DISCLOSURES