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.

Free Trading Guides
EUR/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
GBP/USD
Bearish
USD/JPY
Bullish
Gold
Bullish
Oil - US Crude
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
Bitcoin
Mixed
More View more
Real Time News
  • What are the truths and myths of #forex trading? Find out from @DailyFX analysts here: https://t.co/uF75VPzstr #FOMOintrading https://t.co/bDXG2dV3wG
  • The US Dollar technical outlook against the Euro, British Pound, Australian Dollar and New Zealand Dollar are discussed. Large wicks left signs of indecision, will reversals follow? $EURUSD $GBPUSD $AUDUSD $NZDUSD - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/12/15/US-Dollar-Technical-Outlook-EURUSD-GBPUSD-AUDUSD-NZDUSD.html?CHID=9&QPID=917702 https://t.co/dpuIppxo3F
  • What are some trading mistakes @nickcawley1 made during his career and what did he learn from them? Find out: https://t.co/y3cckNW22W https://t.co/vUQyVl6b0e
  • Growth linked currencies have gained as investors hope for progress on the trade front as well as stimulus from the Fed. The global economy however remains depressed and seems likely to remain so. Get your market update from @DavidCottleFX here: https://t.co/jt1HH9AHLM https://t.co/Yz65AMJYlm
  • RT @YuanTalks: #China temporarily suspend additional tariffs of either 10% or 5% on some #US goods scheduled to take effect on Dec 15, said…
  • The gold-silver ratio is simple. It is the number of silver ounces you would need to trade to receive one ounce of #gold at current market prices. Find out how you can use this in your trading strategy here:https://t.co/kh5DZvv5ib $XAUUSD https://t.co/eJGODpfTNc
  • How can traders avoid #FOMO in trading? Start by implementing a well-heeled plan taking only four hours per week. Get your insight from @JStanleyFX here: https://t.co/vwUShQPc27 https://t.co/DoVBd1l1oO
  • #Silver is a precious metal commodity that investors use as an inflation hedge and safe-haven asset. Find out what are some strategies and tips to trade silver here: https://t.co/k4tVcFuwxW #CommoditieswithDailyFX https://t.co/zXCSmH2HLX
  • Markets are trying to maintain a bullish tilt as a new week rolls around, a look ahead at the charts of the #Dow, #DAX, and #FTSE. Get your technical analysis on major world indices from @PaulRobinsonFX here: https://t.co/bYjRDvQsdM https://t.co/mbg0rUbv3K
  • Trade conflict is clearly awful for the broad world economy, but some countries are already benefiting from it. More stand to do so. Spotting them early could be profitable. Get your update on the #tradewar from @DavidCottleFX here: https://t.co/og0VAPAqwm https://t.co/xB8hYUj4OA
Silver Prices: Nothing to the Left Until 16

Silver Prices: Nothing to the Left Until 16

2016-11-15 11:29:00
Paul Robinson, Currency Strategist
Share:

What’s inside:

  • Silver dives after failing near July trend-line
  • Broke through support at ~17.11, nothing substantial until around 16
  • Strong trend and overhead levels keep path of least resistance lower

We started Thursday’s post with this, “One of the less dramatic moves following the surprising US presidential victory by Donald Trump was in silver…” It took another couple of days for a violent move to set in, with Friday’s 6.5% drop wrecking all that was accomplished through October into the first half of November. The decline began from just under the important July trend-line, which has kept the trend lower in recent months. The US dollar continues to rock-and-roll, making life tough for those long of precious metals. Keep an eye on the US Dollar Index (DXY) as it trades around 100, a level it has peaked at on two occasions – March and December 2015.

The Friday/Monday decline put silver below the October low and support level running back to June (~17.11). As long as it stays beneath this area of support turned resistance, the path for lower prices is fairly clear. Looking to the left, there is no substantial support until silver reaches down to around the 15.80/16 level, where we have a clear inflection zone going back better than a year.

If silver were to get a bump back above the October low, the trend and congestion from the October triangle should keep a lid on the metal on any minor advance above. At this time, the 17.30/90 region looks to be about as far as a bounce could carry before finding sellers again.

For now, we will focus on the short-side of the tape until further evidence suggests the current downdraft is over. Join me for tomorrow's webinar at 10 GMT where I will discuss silver and other markets in detail.

Silver: Daily

Silver Prices: Nothing to the Left Until 16

Created with Tradingview

Check out our Forecasts and Trading Guides designed for traders of all experience levels.

---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

News & Analysis at your fingertips.