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
GBP/USD
Bearish
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
Gold
Bearish
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
Bullish
Bitcoin
Bearish
More View more
Real Time News
  • The $NZD may be on the verge of overturning its dominant downtrend against the Canadian Dollar. Will NZD/CAD confirm an upside breakout on a more-dovish BoC? Get your market update from @ddubrovskyFX here:https://t.co/aelpMQcLri https://t.co/6VhrHKvBLT
  • The $USD may be set to rise against the Mexican Peso after breaking chart resistance. Stalled passage of the USMCA trade pact may offer fundamental fuel for gains. Get your market update from @IlyaSpivak here:https://t.co/TzhmEoFjuY https://t.co/pXykmgTddJ
  • $USDCAD Daily Pivot Points: S3: 1.3079 S2: 1.3161 S1: 1.3215 R1: 1.3297 R2: 1.3326 R3: 1.3409 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • This was the best week for my #ASEAN #USD Index in over a month as uncertainties over a US-China #tradedeal brewed. Now we are sitting just under a former rising support line from March. But the dominant downtrend still holds via potential falling resistance from September https://t.co/jypDk8d9LJ
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.03% 🇯🇵JPY: -0.02% 🇦🇺AUD: -0.04% 🇪🇺EUR: -0.36% 🇨🇭CHF: -0.43% 🇬🇧GBP: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/yfcHpARHwH
  • Hands down the most extreme speculative positioning signal among the futures contracts I watch: $VIX net short hits a fresh record -218,362 contracts https://t.co/4ox67gqD16
  • What is a doji morning star candlestick? How can you use it in your #tradingstrategy? Find out from @RichardSnowFX here: https://t.co/w7Y4qj2Qkm https://t.co/UloZ649bnI
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.02% Gold: -0.13% Silver: -0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/bIRXfcVsLF
  • Perhaps the most provocative FX-based speculative futures positioning picture for me though is gulf between $USDMXN and the net spec bearing https://t.co/MOXb4S7KKQ
  • $NZDUSD is another interesting backdrop for futures speculators. Slowly rounding up from its extreme net short just as the underlying climbs up from a decade low https://t.co/3tElrXI0r2
Silver Price Poorly Postured with Gold at 2011 Trend-line

Silver Price Poorly Postured with Gold at 2011 Trend-line

2017-06-01 11:51:00
Paul Robinson, Currency Strategist
Share:

What’s inside:

  • Gold trades to 2011 trend-line, viewed as major resistance until overcome; watch for a break below 1260
  • Taking our cue from gold for handling silver
  • Bearish gold below 2011 t-line, silver under 17.47

What’s driving precious metals? Find out in our market forecasts.

As we said last week, we are turning to how events are unfolding in gold to help shape our expectations for silver prices. On that, gold is up against a very important trend-line dating back to the 2011 high. Its influence has been quite significant on several occasions in the past year, and as we’ve said before it is our ‘line-in-the-sand’ for both sides of the market. Stay below and the long-term downtrend remains intact, break above and the gold may be on its way to turning the corner for a big move higher. With gold currently trading right around this line, we’ll first respect it for what it is until broken – major resistance. In the near-term, keep an eye on gold as it is currently supported by ~1260. A break below may be all it takes to set into motion a sell-off now that the 2011 trend-line has been tagged.

Gold: Weekly

Silver Price Poorly Postured with Gold at 2011 Trend-line

Daily

Silver Price Poorly Postured with Gold at 2011 Trend-line

When it comes to silver the technical landscape has been a bit murkier, with nothing substantial to lean on recently. But with gold up against the 2011 trend-line, the bias is skewed towards lower prices at this time. The relatively weak posturing of silver compared to gold suggests that if gold pulls off the 2011 trend-line with momentum silver will take a hit, and potentially a big one. Over the past two months silver has put in a lower low (May low < March low) and now in position to put in a lower high from April.

For now, as long as silver stays below the recent swing-high at 17.47 and gold below the 2011 trend-line we’ll reside in the bear-camp. A break below the lower parallel in silver and 1260 in gold should be enough to intensify selling pressure.

Silver: Daily

Silver Price Poorly Postured with Gold at 2011 Trend-line

Paul conducts webinars every week from Tuesday-Friday. See the Webinar Calendar for details, and the full line-up of all upcoming live events.

---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.