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Silver Prices - Potentially Pivotal Week; Gold, USD in Focus

Silver Prices - Potentially Pivotal Week; Gold, USD in Focus

2017-01-16 11:54:00
Paul Robinson, Strategist

What’s inside:

  • Silver prices fall just shy of 17 last week, DXY turns higher from support
  • Keep an eye on gold around the 1200 line
  • Light trading today, but with big levels upon us the rest of the week should be important

See our Webinar Calendar for a schedule of upcoming live events.

On Thursday, we discussed the timing of silver running into resistance around 17 and the US Dollar Index (DXY) trading into support. So far, the DXY has made a turn off support in the 100.80/50 region, while silver came a couple of cents shy of 17 before seeing minor selling pressure. The 21-day correlation between silver and the DXY is presently at a strongly negative 84%, so it’s one worth keeping close tabs on.

The turn lower in silver on Thursday produced a small key reversal day. Even if the metal was to trade above that day high (16.98), it still needs to close beyond the thicket of resistance in the 17-17.24 area before a clearance of resistance and higher high from December will come into play. As long as it stays below, then the current advance off the December low will remain categorized as corrective in our book.

Silver: Daily

Silver Prices - Potentially Pivotal Week; Gold, USD in Focus

Created with Tradingview

Gold is trading back above 1200 at this time, keep an eye on it and whether it can stay above. The area surrounding 1200 is important and sustained trade above could indicate that a larger move higher in silver will also develop. The same goes for support in DXY, a breakdown through 100.50 would be an important event and likely also accompany a push well above 1200 for gold and that area around 17 and higher for silver would likely come into play.

Gold/US Dollar Index (DXY)

Silver Prices - Potentially Pivotal Week; Gold, USD in Focus

Created with Tradingview

It’s the Martin Luther King holiday in the U.S., so it’s mostly a lost trading day moving forward. But as the week progresses, the price action around key levels in the DXY, gold, and silver are set to provide us with a deeper understanding of how to proceed moving forward.

See our analysts’ Q1 forecasts on the Trading Guides page.

---Written by Paul Robinson, Market Analyst

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You can follow Paul on Twitter at @PaulRobinonFX.

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