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Silver Price Trading in ‘Open Space’; Leaning on Gold, USD for Direction

Silver Price Trading in ‘Open Space’; Leaning on Gold, USD for Direction

2017-03-24 11:35:00
Paul Robinson, Currency Strategist
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What’s inside:

  • Silver lacks trading clarity
  • Gold backed off from trend-line resistance yesterday
  • DXY has room to fall before finding support

Looking for trading ideas? See our Trading Guides.

As we discussed on Wednesday, clarity for silver prices is lacking and that we are running with the technical developments in gold and the US dollar for directional cues. Gold ran aground yesterday at the trend-line extending down from August. This puts gold, and with it silver in a somewhat bearish position. Silver also put in a minor reversal day, but not off any meaningful levels, which, again, without any substantial levels to work off of makes operating in silver a difficult endeavor at the moment.

Gold: Daily

Silver Price Trading in ‘Open Space’; Leaning on Gold, USD for Direction

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If we look to what’s been going on with USD, then we should continue to expect precious metals to at the least hold a bid, if not move higher. The US Dollar Index (DXY) still has room to go before it finds meaningful support.

DXY: Daily

Silver Price Trading in ‘Open Space’; Leaning on Gold, USD for Direction

Created with TradingView

So there you have it, gold at resistance, the US dollar looking lower. Generally, we would run with the yellow metal as more important, but conviction in further USD weakness is high on this end. Now, just because the dollar makes a move doesn’t mean precious metals must do the opposite – correlations, especially in the short-run, fall in and out of favor.

All-in-all, the lack of clarity and given support and resistance aren't in the vicinity of the current price we remain in limbo; and as they say, "when in doubt, stay out."

Silver: Daily

Silver Price Trading in ‘Open Space’; Leaning on Gold, USD for Direction

Created with TradingView

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---Written by Paul Robinson, Market Analyst

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

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