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
Bearish
Oil - US Crude
Bearish
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
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Vaccine hopes, a Franco-German recovery package proposal, and a Fed that is committed to provide further liquidity has taken some of the shine off the safe-haven US Dollar.Get your market update from @JMcQueenFX here:https://t.co/GeN07sifc0 https://t.co/r8RTJC8bBG
  • Join @MartinSEssex 's #webinar at 6:30 AM ET/10:30 AM GMT to learn more about trading #sentiment Register here: https://t.co/XUUPRdY06p https://t.co/3XSyQQShxq
  • Silver has been beaten handily by gold in the rush to haven assets inspired by the contagion. However, the gold/silver ratio was rising steadily before this crisis and will probably continue to do so. Get your #silver market update from @DavidCottleFX here:https://t.co/00DiZn6XZS https://t.co/rpZihwpSS1
  • Gold Prices Echo US Dollar Drop as Market Mood Improves - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/05/26/Gold-Prices-Echo-US-Dollar-Drop-as-Market-Mood-Improves.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #gold #xauusd #CrudeOil #OOTT
  • EU ready to drop maximalist approach to fisheries negotiations with the UK in the next round of Brexit talks (June 1st-5th), according to sources
  • USDMXN leaning on 50% Fib retracement - lower highs and lower lows still dominant. #usdmxn #mexicanpeso @DailyFXTeam https://t.co/GzYTHx7trp
  • $AUDUSD: empuje alcista en medio de dos fuerzas oponentes #aud #usd #trading https://t.co/jsKHvIOLK7
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.65%, while traders in US 500 are at opposite extremes with 75.34%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/GoPpkxvdpw
  • Heads Up:🇵🇱 Unemployment Rate due at 08:00 GMT (15min) Expected: 5.7% Previous: 5.4% https://www.dailyfx.com/economic-calendar#2020-05-26
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.87% Silver: 1.45% Gold: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/D211ny6ORL
Silver Prices Trading in the Middle of An Air Pocket

Silver Prices Trading in the Middle of An Air Pocket

2016-11-21 11:07:00
Paul Robinson, Strategist
Share:

What’s inside:

  • Silver prices are well below resistance and have room to go before support is met
  • Continue to view countertrend moves, consolidations as short opportunities
  • Holiday week in the US, liquidity could be lacking, key news events to be aware of

Recently, we’ve been discussing the importance of resistance over 17 and the likelihood of pressure being kept on silver as long as it stays below. On Thursday, we looked at a short-term trend-line as a guide for shaping our trading bias. The t-line broke, leading to more selling on Thursday and Friday.

Silver is sitting near the center of an air pocket. As we have noted on several occasions there is nothing substantial to the left until around 16/15.80. Until support is met, as long as silver stays below the low 17s, the path of least resistance will remain lower.

Silver: Daily

Silver Prices Trading in the Middle of An Air Pocket

Created with Tradingview

Bounces and consolidations are viewed as potential opportunities for shorts to add to existing positions or open new trades. To abandon this view we would need to see a swift turnaround, overtaking resistance levels. This would likely be accompanied by a sharp sell-off in the US dollar, something we don’t view as the most probable scenario at this time.

It’s a holiday week in the U.S., with Thanksgiving on Thursday and many market participants making a short week of it. Keep in mind liquidity can be lacking in this type of environment, which can lead to sharp, nonsensical moves. There are a couple of high impact data events to be aware of: Wednesday, US Durable Goods Orders and more importantly the FOMC minutes from the November 1-2 meeting. On Friday, US Advance Goods Trade Balance is due out. For full details, please see the economic calendar.

We have several Trading Guides designed to help 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.