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
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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
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
GBP/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
USD/JPY
Mixed
More View more
Real Time News
  • Thanks for joining me Brett. It was a pleasure to talk to you https://t.co/9NjsbqXsDS
  • Traders undeniably over complicate matters when starting out. However, more complex trading strategies are not necessarily more profitable. Keep your trading strategy simple with these four highly effective indicators: https://t.co/FDOnHdj4sQ https://t.co/H556gktZSi
  • 🇪🇺 EUR Euro-Zone Unemployment Rate (FEB), Actual: 7.3% Expected: 7.4% Previous: 7.4% https://www.dailyfx.com/economic-calendar#2020-04-01
  • LIVE IN 30 MIN: Strategist @PaulRobinsonFX discusses important technical developments relevant to short to intermediate-term commodity and equity index traders here - https://www.dailyfx.com/webinars/816147795?CHID=9&QPID=917720&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Heads Up:🇪🇺 EUR Euro-Zone Unemployment Rate (FEB) due at 09:00 GMT (15min), Actual: N/A Expected: 7.4% Previous: 7.4% https://www.dailyfx.com/economic-calendar#2020-04-01
  • Russia is not planning to increase oil production amid oversupply #OOTT
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/9:30 AM GMT to gain insight on indices and commodities for the active trader. Register here: https://t.co/gghsFsZYlx https://t.co/vGl9cMVz7j
  • EUR Eurozone Final March Manufacturing PMI Actual: 44.5 Preliminary: 44.8
  • #Bitcoin prices may see a pickup in volatility ahead of the 2020 halving as the #coronavirus pandemic threatens to disrupt cross-continental $BTC mining operations. Get your market update from @ZabelinDimitri here: https://t.co/BoH24MVf4P https://t.co/15Kz57FDIh
  • EUR Germany Final Manufacturing PMI Actual: 45.4 Prelim: 45.7
Silver Prices: Trading Levels in Play

Silver Prices: Trading Levels in Play

2017-01-20 12:42:00
Paul Robinson, Strategist
Share:

What’s inside:

  • Silver rejected on attempted break above resistance
  • Multi-week upward trend still in tact
  • 2-hour chart helps provide clarity, trading levels

Trading Guides and Forecasts

On Wednesday, when looking at silver prices we discussed the critical area surrounding 17. This is what we had to say from a tactical standpoint:

“Traders looking to short, now is the time for price action to turn bearish – whether it be a sharp turn lower or a key reversal bar on a failed breakout above resistance. This would be the first true indication of a break in the upward momentum since bottoming in late-December.”

On Wednesday, silver traded up above the 17.24 threshold we had penciled in before reversing and closing at the low of the session. It was a sign of rejection, a sign that momentum was turning back lower. But we need to see a break in the upward trend off the December lows before the down-side can gain traction.

Silver: Daily

Silver Prices: Trading Levels in Play

Created with Tradingview

Pulling in closer to a 2-hour chart, silver is currently holding a lower parallel; and if silver is to make good on the rejection over 17 it will first need to break the near-term trend. Short-term traders looking to buy the dip on support, the lower parallel offers a line-in-the-sand. Resistance lies not far ahead, though, so a bounce back above 17 (especially 17.20/33) could stall-out quickly until overtaken on a daily closing basis. A drop below the lower parallel would be the cue for longs to turn cautious and shorts to look for a continuation of the rejection from resistance.

Support first arrives at yesterday’s low at 16.70, and beyond there we look to a couple of swing lows in the 16.56/50 vicinity and then 16.23. On the daily chart, there is potential for support to arrive at a parallel extending down off the December highs; this line is married to the lower parallel where silver found its low in December, crosses under lows in November and October. The level is in the 16.45/40 vicinity. Between short-term swing lows and the daily parallel, 16.40/56 will be a pivotal zone of support should we see weakness set in.

2-hour

Silver Prices: Trading Levels in Play

Created with Tradingview

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

---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

News & Analysis at your fingertips.