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
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
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
  • Tune in to @IlyaSpivak 's #webinar at 10:00 PM ET/ 3:00 AM GMT for insight on the cross-market outlook in the week ahead. Register here: https://t.co/E213bTtq5C https://t.co/Gyu02dXP46
  • #ASX200 futures pulling back aggressively as the Trump administration blacklists Chinese firms #SMIC and #CNOOC Breaching confluent support at the Pitchfork median and November 9 high (6551) could ignite a correction towards the November 7 low (6470) $XJO #technicalanalysis https://t.co/uctNXT2MMZ
  • Australian Dollar Dismisses Positive Chinese Data as US Blacklists #SMIC, #CNOOC - https://www.dailyfx.com/forex/market_alert/2020/11/30/Australian-Dollar-Dismisses-Positive-Chinese-Data-as-US-Blacklists-SMIC-CNOOC--.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $AUD $AUDUSD https://t.co/icKVzqbAfY
  • Swift risk-off turn may be linked to a @Reuters report saying the US is poised to add #SMIC and #CNOOC to a blacklist of alleged Chinese military companies https://t.co/LvVgTVBCsx
  • Asia-Pacific stocks trade broadly lower on the last trading day in November, retracing from recent highs. A vaccine-led rally appears to be overstretched, calling for profit-taking. Here is a summary of major indices performance in the past 1 month. https://t.co/uL4Zw7qUon
  • So much for a risk-on market open. #SPX futures have erased the upside gap, #jpy is up and the #dollar seems to be stabilizing. https://t.co/lrRhOA8PQM
  • Top trading lesson: My top trading lesson for 2018 is to remember why you entered the position in the first place. Listen to your analysis and stay true to your trading style and typical timeframe - @PeterHanksFX https://t.co/t7Yk0KBCuv https://t.co/3TfukLVsZg
  • 🇨🇳 NBS Manufacturing PMI (NOV) Actual: 52.1 Expected: 51.5 Previous: 51.4 https://www.dailyfx.com/economic-calendar#2020-11-30
  • 🇨🇳 Non Manufacturing PMI (NOV) Actual: 56.4 Previous: 56.2 https://www.dailyfx.com/economic-calendar#2020-11-30
  • Heads Up:🇨🇳 Non Manufacturing PMI (NOV) due at 01:00 GMT (15min) Previous: 56.2 https://www.dailyfx.com/economic-calendar#2020-11-30
Silver Prices Falling Back from Resistance to Support

Silver Prices Falling Back from Resistance to Support

2016-11-03 09:26:00
Paul Robinson, Strategist
Share:

What’s inside:

  • Silver trades through one level of resistance, but reverses at another after FOMC
  • Reversal day leading to decline, needs to hold above 18 to keep longs out of trouble
  • US jobs report up tomorrow

On Tuesday, precious metals, and silver more specifically out of the multi-week triangle formation, were ripping towards resistance. From our last post,“If silver can press on through and close above the Jan trend-line, the next area of good resistance comes in at the 8/29 low of 18.40. Beyond there we will need to turn to the 9/16 low at 18.67.” Check and check on those resistance levels coming into play. Gold ran aground at big resistance in the 1300/10 region.

Yesterday’s FOMC meeting helped put a lid on the advance, with silver backing off from just above the 9/16 low and closing just north of the 8/29 low. This price action resulted in a bearish rejection bar, which we are seeing follow-through on so far today. There is support by way of the recaptured January trend-line down to around 18 (currently testing). For the current move to hold, sinking below this trend-line and 18 would likely not bode well for longs.

A short period of congestion, possibly already underway, could help give silver the base needed to continue the push higher. With nothing visible to the left above the September low, the next level of significant resistance above yesterday’s high comes in at the trend-line off the July spike high. This would be a formidable line of resistance to overcome given how well it has kept the price of silver pointed lower for several months.

Silver: Daily

Silver Prices Falling Back from Resistance to Support

Created with Tradingview

Tomorrow is ‘NFP Friday’, and while no predictions regarding the outcome will be made on this end, should we see a sizable deviation from expectations, you can pretty much bank on heighted volatility. Join me tomorrow at 9:00 GMT as I go through the NFP game-plan for FX, commodities, and indices.

Forecasts and Trading Guides

---Written by Paul Robinson, Market Analyst

To receive Paul’s analysis directly via email, please 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