Skip to Content
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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
Silver Prices Looking to Hold Support, Monitoring Gold Closely

Silver Prices Looking to Hold Support, Monitoring Gold Closely

Paul Robinson,

What’s inside:

  • Oscillation continues, favoring very short-term trades
  • Silver trading near a key area which needs to hold for current view to remain fully in tact
  • Keeping a close eye on developments in gold

As the price of silver continues to oscillate back-and-forth between intersecting lines of support and resistance, trading opportunities remain left to only the very short-term minded. Yesterday, we highlighted a clean downward channel on the hourly which was poised to lead silver back towards support in the 18.90/19 vicinity.

In Tuesday’s trade we saw silver take a dive lower, falling into the noted support region. This area of expected demand comes by way of the lower trend-line of an ongoing wedge development above major long-term support (2013 – present) in the vicinity of 18 – 19.

If the expected path of further convergence before an upside breakout is to be paved, then the downside in silver from here should be limited. It could fall below the lower trend-line and still hold a bullish posturing, but we would need to adjust our current scenario. At the end of the day, as long silver holds above 18 and the rising trend-line off the December lows, the bias will stay in neutral to bullish territory.

Silver: Daily

Created using Tradingview

As we discussed not long ago, gold is still sporting a bull-flag structure beneath the 2011 to current downtrend line. It has thus far held the trend-line off the December lows, putting the metal in a position where it should soon make a break for it (one way or the other). At this time, the expected break is above the 2011 trend-line, but we will choose to wait for a confirmed break on a daily closing basis (weekly even better) before operating from the long-side. Silver will follow suit, but the path yet to be determined. In the event the December trend-line doesn’t hold and gold takes out 1300, silver prices will come under pressure along with gold. At which time we would need to consider bearish alternatives.

Gold: Daily

Created using Tradingview

Find out what separates profitable traders from the rest in our guide, “Traits of Successful Traders”.

---Written by Paul Robinson, Market Analyst

If you would like to receive Paul’s analysis directly via email, please sign up here.

You can follow Paul on Twitter at @PaulRobinsonFX.

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