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.

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
EUR/USD
Bullish
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Silver Price – Searching for Technical Clarity, Underpinned by USD Weakness

Silver Price – Searching for Technical Clarity, Underpinned by USD Weakness

2017-03-22 09:48:00
Paul Robinson, Strategist
Share:

What’s inside:

  • Silver strength still likely with USD weakness
  • Keep an eye on gold around 1250
  • Lack of general clarity leave us on the sideline

Join Paul on Tuesday’s for a webinar series geared towards commodities and indices. You can participate by signing up here.

On Monday, we admittedly said we weren’t fully convinced precious metals would head higher based on their own technical merits, but that conviction in USD weakness was the crux of our argument for higher gold and silver prices.

Gold is nearing a level of resistance (~1250) in the form of a trend-line running down from last summer. Silver is lagging behind, though, and doesn’t have any significant top-side levels to focus on. The only notable zone is support in the vicinity of 17.10/30.

With that in mind, we will continue to follow the US dollar and gold for cues on what to do with silver. Should gold turn lower off resistance then silver should follow suit. Looking to the US Dollar Index (DXY), support doesn’t arrive for about another 1% lower under 99.

The general lack of clarity leaves us in a state of wanting to see more. With that in mind, we’ll run with other themes of higher conviction (i.e. USD short, DAX short) and wait for cleaner set-ups in gold & silver with good risk/reward to present themselves.

In terms of ‘high’ impact economic events, the calendar for the rest of the week brings us Yellen speaking tomorrow and US Durable Goods Orders on Friday. For details, see the economic calendar.

Silver: Daily

Silver Price – Searching for Technical Clarity, Underpinned by USD Weakness

Created with TradingView

New to the markets? Check out ourTrading 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