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
EUR/USD
Bullish
Oil - US Crude
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
Wall Street
Bullish
Gold
Mixed
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
Bearish
More View more
Real Time News
  • Forex trading, which is the act of exchanging fiat currencies, is thought to be centuries old – dating back to the Babylonian period. Learn about the history of Forex here:https://t.co/ePTJlbUP7c https://t.co/fA7G42tGcH
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/DmhBkd4B0k https://t.co/8cM3NQIvom
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here: https://t.co/NpC1D8y4Aa https://t.co/tEpCHQDoVW
  • A punny excerpt: “Already the exchanges between Mr. Barnier and his counterpart David Frost, have – apropos to his name – sent a chilling message about bilateral trade talks”. https://t.co/OkFCvUZs2H
  • #BritishPound May Fall on #Virus-Hit GDP Data, #Brexit Stalemate ⬇️ https://www.dailyfx.com/forex/fundamental/forecast/weekly/gbp/2020/08/08/British-Pound-May-Fall-on-Virus-Hit-GDP-Data-Brexit-Stalemate.html
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/BuFKivwj2h
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/lIJdiz4xSz https://t.co/QXaLbmFSjd
  • The anti-risk Japanese #Yen may rise versus currencies like the $AUD and $NZD on US-China tensions and fiscal stimulus woes which sank the Nasdaq 100 at the end of last week. Get your #currencies update from @ddubrovskyFX here: https://t.co/Kw0fYCHEcw https://t.co/jiQBPpzat3
  • The #Dollar is down than 3% year-to-date with the index responding to trend support at multi-year lows. Here are the levels that matter on the $DXY weekly technical chart. Get your #currencies update from @MBForex here: https://t.co/MVnF5VDoeN https://t.co/TP2k8u9sXN
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/ioGWvplvt7
Silver Prices: Slammed on NFPs, Bottom-end of Range Coming into View

Silver Prices: Slammed on NFPs, Bottom-end of Range Coming into View

2016-08-08 10:09:00
Paul Robinson, Strategist
Share:

What’s inside:

  • Silver prices takes a hit on NFPs
  • Looking for continued weakness towards 19.20 level
  • Short-term support and resistance levels outlined

Silver prices were already precariously postured heading into Friday’s US jobs report, as a potentially bearish chart configuration at the top-end of the month+ long range had already triggered, undercutting short-term trend support not long after. In addition, the record number of speculative longs continuing to mount while silver went nowhere in recent weeks suggested silver was more bear than bull.

The non-farm payrolls data was much better than expected for a second month in a row; 255k vs. 180k expected. The announcement sent the dollar sharply higher, while pressuring precious metals – both gold and silver finished the day closing near their worst levels of the session and week.

This price action has silver approaching the bottom-end of the range near 19.20 (Overnight low was 19.47). We expect more weakness before possibly bouncing higher in an effort to continue building the range which began in early July.

Short-term levels to focus on: Resistance comes in at between 19.93 and 20.03. In the short-run, silver is unlikely to overcome both levels with conviction if a move is to continue to the 19.20 level, making it a key area for shorts to look for strength to turn back into weakness. In the event silver sinks to 19.20, we will shift towards a neutral view given its level of support before, and should it respond vigorously off this level, then it may warrant a long positon for a bounce.

Silver Prices: Slammed on NFPs, Bottom-end of Range Coming into View

Start improving your skills with technical analysis today by checking out one of our free trading guides aimed at traders of all experience levels.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX.

You contact him via email at instructor@dailyfx.com with questions or comments.

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

DISCLOSURES

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.