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
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
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
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Democratic Senator Manchin open to President Biden's "human infrastructure" and undoing some GOP tax cuts - NBC
  • pretty sure I made a Time Variance Authority reference when critiquing strong form market efficiency earlier today in the @Nadex boot camp needless to say I’m hyped for #Loki episode 3 tonight
  • Bank of Japan member says need to enhance easing during the expected recovery - BBG
  • Bank of Japan member says vaccination delays will mean slower growth - BBG
  • Heads up traders! Will be covering the #Euro in the aftermath of last week's #Fed and incoming US PCE data and the BoE later this week, looking at retail trader positioning $EURUSD $EURGBP Starting the session in about 10min, signup below! https://t.co/N2qpEMbpBv
  • Please join @ddubrovskyFX at 20:00 EST/00:00 GMT for a webinar on what other traders' buy/sell bets say about price trends. Register here: https://t.co/AzOQip9B3r https://t.co/Bp8J3szHKq
  • Heads Up:🇯🇵 BoJ Monetary Policy Meeting Minutes due at 23:50 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-06-22
  • The US Dollar may gain versus ASEAN currencies like the Singapore Dollar, Thai Baht and Philippine Peso after the Fed projected 2 rate hikes by the end of 2023. All eyes on US PCE data. Get your market update from @ddubrovskyFX here:https://t.co/LaLVW8FFHI https://t.co/W7AHAcuZbO
  • 5 out of 9 Dow Jones sectors ended higher, with 43.3% of the index’s constituents closing in the green. Consumer discretionary (+1.27%) and materials (+0.62%) outperformed, whereas industrials (-0.25%) and communication services (-0.21%) trailed behind. https://t.co/iBLgt4PcYc
  • 🇦🇺 Markit Manufacturing PMI Flash (JUN) Actual: 58.4 Previous: 60.4 https://www.dailyfx.com/economic-calendar#2021-06-22
Silver Prices Zip Higher to Trend-line Resistance

Silver Prices Zip Higher to Trend-line Resistance

Paul Robinson, Strategist

What’s inside:

  • Silver prices rally sharply pre and post-FOMC
  • Reach top-side trend-line running back to July
  • Not a great spot to initiate a fresh long, but not necessarily a spot to short unless price action willing

We looked at silver from a short to medium-term perspective on Tuesday, then provided a long-term outlook on Wednesday, and today we are back to the short-term. For the macro-perspective, check out yesterday’s commentary – Silver Prices: Macro-techs Point to Bull Market Continuation.

Prior to the FOMC yesterday we were already seeing good buying pressure in silver; the expected hold and hawkish tone of the Fed ignited volatility in the minutes to follow, but ended up seeing the metal higher on the session when all said and done.

The 3%+ rally pushed silver up against the top-side trend-line running back to the July spike high. This makes establishing a fresh long at this juncture a risky prospect in our view – we don’t buy resistance nor sell support. Simple as that. However, just because a market is up against a level doesn’t mean we fade it either, unless there are indications the level(s) in question are rejected and momentum turns back the other way.

For would-be shorts, a turn in momentum may offer an opportunity to see silver back lower into the contracting range. A break above trend resistance would likely prove to be a significant bullish event given the points outlined yesterday, and warrant covering shorts and looking at taking the other side of that trade.

A decline from here would help work towards a more ideal scenario from the standpoint of seeing volatility contract further before expanding and see silver launch higher in line with the longer-term outlook.

Silver Prices Zip Higher to Trend-line Resistance

Start improving your trading today by utilizing one of our many free trading guides.

---Written by Paul Robinson, Market Analyst

If you would like to receive articles directly to your inbox, SIGN UP HERE.

You can follow Paul on Twitter at @PaulRobinonFX.

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

DISCLOSURES