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
Bullish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Mixed
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
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
  • RT @FxWestwater: $NZDUSD, $NZDJPY React as Soaring Treasury Yields Skew Market Risk Profile Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/02/26/NZDUSD-NZDJPY-React-as-Soaring-Treasury-Yields-Skew-Market-Risk-Profile.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr $TNX https://t.c…
  • Biden authorized strikes on Iran-backed militant groups. Strike was in response to attacks on US, coalition forces -BBG citing DOD #CrudeOil
  • The commodity-sensitive Canadian Dollar may continue outperforming its major counterparts in the coming weeks. USD/CAD, CAD/CHF, CAD/JPY and EUR/CAD key levels to watch. Get your market update from @DanielGMoss here:https://t.co/KYdUv2lpFC https://t.co/ZZUJ4AZEhc
  • Market Snapshot: Risk aversion is deepening as Friday APAC trade gets going $NZDUSD and $AUDUSD sinking Following declines in #SP500 and #Nikkei225 futures #USD broadly higher, anti-risk Japanese #Yen as well US 10-Year Treasury rates remain higher https://t.co/gQ50vS73P0
  • RBNZ's Orr: To consider settings against types of home lending, financial stability policies can help government housing objectives -BBG
  • RBNZ's Orr: Only focused on inflation, employment targets -BBG
  • RBNZ Governor Adrian Orr: Monetary policy CTTE remit targets are unchanged, MPC will explain impact of decisions on housing market. Remain committed to current stimulatory monetary settings -BBG
  • Senate parliamentarian ruled minimum-wage boost out of order -BBG
  • RBA offers to buy A$3 billion in defense of yield target -BBG #RBA $AUDUSD
  • 🇯🇵 Industrial Production YoY Prel (JAN) Actual: -5.3% Previous: -2.6% https://www.dailyfx.com/economic-calendar#2021-02-25
Silver Prices: Technical Outlook Ahead of US Non-Farm Payrolls

Silver Prices: Technical Outlook Ahead of US Non-Farm Payrolls

Paul Robinson, Strategist

What’s inside:

  • Silver prices popped higher on BoE stimulus announcement, but quickly faded
  • Looking for low-end of the month-long range, 19.20
  • US monthly jobs report due out at 12:30 GMT

Silver prices experienced a spike higher yesterday following the release of the BoE decision to not only cut its benchmark rate to a record-low 0.25%, but also expand its QE program by £60 billion, and indicate further actions could be taken if the central bank feels it’s necessary.

The jet higher was relatively short-lived, lasting not more than about 20 minutes before reversing back lower. The bump briefly took silver back above the lower parallel of a channel we’ve made note of recently. We will be watching closely for a trend of lower lows and lower highs to emerge on the intra-day time-frames as silver comes off the top-end of a range which began a month ago. In Thursday’s commentary, we discussed our bias for a move towards the low-end of the range to at least around 19.20, and that market positioning is not favorable for sustained advances at this time. (For more, check out yesterday’s piece here.)

Today is ‘NFP-Friday’ (12:30 GMT release time). The monthly US jobs report is a reliable source of volatility, especially when the report deviates far from expectations. Analyst are looking for non-farm payrolls to come in at 180k for July, with an unemployment rate of 4.8%, down from 4.9% in June. Wage inflation is expected to remain steady from the previous month, with average hourly earnings expected to grow at an annualized rate of 2.6%. As per usual, no predictions on this end. Just that if results are well beyond expectations in either direction, a large dollar/precious metals move could unfold. Keep an eye on the dollar and how it reacts initially; often times the first move following the release will fade and with that look for precious metals to react similarly.

Levels to watch: Short-term resistance comes in at yesterday’s high of 20.50, then 20.66/76. Support arrives at Wednesday’s low of 20.03, then around 19.93/94.

Silver Prices: Technical Outlook Ahead of US Non-Farm Payrolls

Track trader positioning in real-time with the ‘Speculative Sentiment Index’.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX.

He can be reached via email at instructor@dailyfx.com with any questions or comments.

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

DISCLOSURES