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
More View more
Real Time News
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/bde30KM8OE
  • The Australian Dollar remains vulnerable to most of its major counterparts, with AUD/USD and AUD/JPY resuming losses. Did AUD/NZD bottom? AUD/CAD may consolidate. Get your weekly Australian Dollar forecast from @ddubrovskyFX here: https://t.co/sjh91mjtXs https://t.co/dGT067zKnH
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/VLZQhrQTAf
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/j5xDAG6LLb
  • While the meetings of central bankers in the US, Japan and the UK will be front, left and center of traders’ minds this coming week, it would be wise not to ignore next Sunday’s German Federal Election. Get your euro forecast from @MartinSEssex here: https://t.co/m920Uvmngm https://t.co/yQYtfHf66s
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/Dqq9S9vGvo
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/lccPTTlvj0
  • GBP/USD’s consolidation could end soon if price breaks out of a symmetrical triangle in play since July. At this time, a downside breakout is likely following the appearance of a death cross. Get your weekly $GBP forecast from @DColmanFX here: https://t.co/WIKdSesfkJ https://t.co/Fx0qr32xgI
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/IRS9MaA7h8
  • The Federal Reserve rate decision is likely to sway the near-term outlook for the price of gold as the central bank appears to be on track to scale back monetary support. Get your weekly gold forecast from @DavidJSong here: https://www.dailyfx.com/forex/fundamental/forecast/weekly/CHF/2021/09/18/Gold-Price-Outlook-Hinges-on-Fed-Rate-Decision-Forward-Guidance.html https://t.co/dWWxtErjK0
Silver Prices: Slammed on NFPs, Bottom-end of Range Coming into View

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

Paul Robinson, Strategist

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