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
Oil - US Crude
Bearish
Wall Street
Bullish
Gold
Bullish
GBP/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
USD/JPY
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.72%, while traders in US 500 are at opposite extremes with 71.66%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/fRKIEW9Qe9
  • Heads Up:🇪🇺 EUR German Unemployment Claims Rate s.a. (MAR) due at 07:55 GMT (15min), Actual: N/A Expected: 5.1% Previous: 5.0% https://www.dailyfx.com/economic-calendar#2020-03-31
  • Heads Up:🇪🇺 EUR German Unemployment Change (000's) (MAR) due at 07:55 GMT (15min), Actual: N/A Expected: 25.0k Previous: -10.0k https://www.dailyfx.com/economic-calendar#2020-03-31
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 4.54% Silver: 0.77% Gold: -0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/3CdfglYP4g
  • #Bitcoin prices may see a pickup in volatility ahead of the 2020 halving as the #coronavirus pandemic threatens to disrupt cross-continental $BTC mining operations. Get your market update from @ZabelinDimitri here: https://t.co/BoH24MVf4P https://t.co/yuEA4wdlS9
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.06% 🇳🇿NZD: -0.05% 🇨🇦CAD: -0.17% 🇨🇭CHF: -0.48% 🇯🇵JPY: -0.61% 🇬🇧GBP: -0.87% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hOyPH71ZfE
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.85% France 40: 1.47% US 500: 0.46% Wall Street: 0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/UxILaRvSdH
  • 🇨🇭 CHF Retail Sales Real (YoY) (FEB), Actual: 0.3% Expected: N/A Previous: -0.1% https://www.dailyfx.com/economic-calendar#2020-03-31
  • Missed today's #AUDUSD weekly outlook webinar? See the recording here - https://t.co/6k1KCuxr50 Some of the topics discussed were: - #coronavirus economic impact - #Fed #QE as catalyst for AUD rise - scope for renewed #USD gains
  • RT @DailyFXEspanol: Análisis del $XAUUSD: El precio del oro se estanca, ¿qué nos dice el gráfico? #trading #covid19 https://t.co/7x2Zdt0AnA…
Silver Prices: Lower High Set to Develop, Short-term Chart in Focus

Silver Prices: Lower High Set to Develop, Short-term Chart in Focus

2016-06-20 10:20:00
Paul Robinson, Strategist
Share:

What's inside:

  • Silver prices anticipated to move lower
  • Lower parallel and recent low act as confirmation
  • Upon a breakdown, looking for 16.70 to 16.90 area

The strong reversal day on Thursday from resistance was in line with our analysis suggesting a decline was on the way. The bounce on Friday came from the lower parallel extending back to the beginning of the month. We noted the importance of this line due to how well the upper parallel held as support once it was breached on June 8. Silver has made several attempts to push below since Thursday, thus far it has held, but barely so as it continues to come under siege.

Due to the rejection at resistance on Thursday we anticipate the lower parallel will break and a lower low below 17.13 will soon unfold. Traders will likely be best served by waiting for a confirmation of a lower high on a break of support, while aggressive traders who have already sold into recent strength may look to add on a breakdown, assuming the total position size fits within overall risk parameters.

Given the length of the first downdraft from the 17.80s, the next leg is anticipated to carry lower towards the 16.70 to 16.90 area of support created back during April and May. At this time, it would require a strong break above 18 to take the current bearish bias off the table.

Silver 2-hr (Daily)

Silver Prices: Lower High Set to Develop, Short-term Chart in Focus

Traders need to be cognizant of this week’s ‘Brexit’ vote and results on June 23/24. Obviously, the most extreme volatility will be in markets at the epicenter – UK markets/GBP – but those shockwaves will reverberate outward towards other markets, precious metals included.

Looking to improve your skills in technical analysis? Check out one of our free trading guides here.

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

News & Analysis at your fingertips.