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
Oil - US Crude
Bearish
Wall Street
Bullish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.18% Silver: 0.00% Gold: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/lgnQTs4F8U
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.18% 🇨🇦CAD: 0.17% 🇪🇺EUR: 0.15% 🇯🇵JPY: 0.06% 🇦🇺AUD: 0.06% 🇳🇿NZD: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Tu1NZZUBBo
  • The $USD suddenly seems scarce amid the #coronavirus outbreak. That threatens short-term financing underpinning global supply chains, despite the Fed’s epic efforts. Get your US Dollar market update from @DavidCottleFX here:https://t.co/D2p2Vl2ORK https://t.co/56Iq8CmJ7Z
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.33% France 40: 1.21% Wall Street: 0.29% US 500: 0.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/zusHPHZgFm
  • Ripple IG Client Sentiment: Our data shows traders are now at their least net-long Ripple since Mar 29 when Ripple traded near 0.16. A contrarian view of crowd sentiment points to Ripple strength. https://www.dailyfx.com/sentiment https://t.co/TnhXuofL8C
  • #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/c7YqD7VXqc
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 94.72%, while traders in Wall Street are at opposite extremes with 78.06%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/OukR4dIlJc
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.18% Silver: 0.00% Gold: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/xivz7ptPMn
  • Hey, traders 👋 do you want live AMAS with our analysts, market updates and tools to improve your trading strategy? Join us now on Instagram! 👉 https://t.co/pHGzVMqsC4 https://t.co/EBCYaTLWGi
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.25% 🇳🇿NZD: 0.18% 🇪🇺EUR: 0.18% 🇨🇭CHF: 0.12% 🇯🇵JPY: 0.11% 🇬🇧GBP: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/aM45N7u2eL
Silver Prices and US Dollar at Crossroads, Something Has to Give

Silver Prices and US Dollar at Crossroads, Something Has to Give

2017-01-24 12:36:00
Paul Robinson, Strategist
Share:

What’s inside:

  • Silver prices in bullish channel, but facing formidable resistance
  • Based on recent price action, one side of the market will win-out, and soon
  • Dollar support, silver resistance continues to be a theme

Trading Ideas and Education

In the last silver update, we took a look at the rising channel visible on the 2-hr chart and made note of the lower parallel as key support in the near-term. The line held, silver found a bid with the help of US dollar weakness. The bounce from support took it up to the 17.20/33 zone the metal has carved out as resistance on the daily chart; this zone runs all the way back to June, so it’s an important one as we are seeing with numerous failed attempts to push through.

Price action is caught between a solid month-long uptrend keeping silver pointed higher and important resistance. This is creating a potentially explosive situation as one side of the market will prevail at some point very soon; based on the wedging action we are seeing a resolution could happen in the next 24-48 hours.

Either resistance will continue to remain formidable and the lower trend-line will eventually break as sellers gain control, or buyers will push silver through to the other side of key resistance and clear a path towards an important intermediate-term trend-line extending lower off the July spike high.

Silver: Daily (2-hr)

Silver Prices and US Dollar at Crossroads, Something Has to Give

Created with Tradingview

The US Dollar Index (DXY) is trying to hold onto the breakout levels around the 2015 peaks, but still remains in a downtrend since peaking on Jan 3. It’s moving nearly step-for-step in the opposite direction of silver, with the 21-day correlation sitting at a strongly negative 90%. It’s been like this for over a week now, silver at key resistance, dollar at key support – something has to give. And likely very soon.

US Dollar Index (DXY): Weekly

Silver Prices and US Dollar at Crossroads, Something Has to Give

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.