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
GBP/USD
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
More View more
Real Time News
  • Oil Watch "SPR could release 33 to 82.5mln barrels of crude oil in series of auctions, but it is unlikely to have a material impact on crude markets given China's 10mbpd import and 14mbpd consumption" - Wood Mackenzie
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1cYv9t https://t.co/7Q5Y3RquIj
  • Heads Up:🇯🇵 BoJ Gov Kuroda Speech due at 05:35 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-27
  • 🇯🇵 Leading Economic Index Final (JUL) Actual: 104.1 Previous: 104.2 https://www.dailyfx.com/economic-calendar#2021-09-27
  • Crude Oil Prices Hit 2-Month High on Supply Squeeze, 2021 Top Eyed - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2021/09/27/Crude-Oil-Prices-Hit-2-Month-High-on-Supply-Squeeze-2021-Top-Eyed.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #OOTT #crudeoil https://t.co/Rx9kbVPlys
  • 🇯🇵 Leading Economic Index Final (JUL) Actual: 104.1 Previous: 104.6 https://www.dailyfx.com/economic-calendar#2021-09-27
  • 🇯🇵 Coincident Index Final (JUL) Actual: 94.4 Previous: 94.6 https://www.dailyfx.com/economic-calendar#2021-09-27
  • Heads Up:🇯🇵 Coincident Index Final (JUL) due at 05:00 GMT (15min) Previous: 94.6 https://www.dailyfx.com/economic-calendar#2021-09-27
  • Heads Up:🇯🇵 Leading Economic Index Final (JUL) due at 05:00 GMT (15min) Previous: 104.6 https://www.dailyfx.com/economic-calendar#2021-09-27
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqi8ZEe https://t.co/I4C6fBkYPe
Silver Prices Hold Despite Gold, but Still Lean Bearish

Silver Prices Hold Despite Gold, but Still Lean Bearish

Paul Robinson, Strategist

What’s inside:

  • Silver prices holding up better than gold, but doesn’t mean its bullish
  • Admittedly, silver not yet where we thought it would be, but still bearish
  • It would take a strong push into the mid-17s to flip the script

Join Paul Robinson on Wednesday (12/7) at 10 GMT for a look at charts and trade ideas in FX, commodities, and indices. For a list of all live events, please see the webinar calendar.

Silver prices have not been cut down like gold prices have, not even close. Silver has actually strengthened in the past couple of weeks while gold is lower. The inverse correlation between precious metals and the US dollar grew to nearly 1-to-1 during the second half of November until recently when gold kept declining despite a softer dollar. Silver has kept up on the strength of its inverse correlation to USD for the most part (21-day = -92%, low was -96%), but even with the dollar declining it’s not finding a rush of buyers. Not even yesterday when the US Dollar Index (DXY) reversed sharply to the downside was silver able to find good sponsorship.

There remains room to head lower before thoroughly testing the next area of significant support in the vicinity of 16/15.80. Admittedly, we figured it would have been there by now, and worse given how weak gold has been. From the low 17s to that zone around 16 there is an air pocket, nothing price-wise to the left which suggests it shouldn’t reach lower before finding support.

When the market doesn’t play out as planned, though, we need to heed its caution. But with that said, we’re still bearish as there isn’t good enough reason yet not to be in our book. The trend in silver is still clearly pointed lower, it’s trading below key resistance in the low 17s, and, to a lesser degree, there is resistance at the lower parallel matching the trend-line off the July spike high. It’s possible a wedge will develop in the days to come, but we’ll need to revisit that scenario at a later time should it become relevant. For now, as long as silver stays below resistance in the low 17s we remain cautiously bearish. A strong daily close in the mid-17s would at least side-line our bearish bias, and possibly warrant turning bullish.

Silver: Daily

Silver Prices Hold Despite Gold, but Still Lean Bearish

Created with Tradingview

Looking for trade ideas and educational resources? See our Trading Guides.

---Written by Paul Robinson, Market Analyst

You can receive Paul’s analysis directly via email by signing 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