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. See our updated Privacy Policy here.

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
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bullish
Wall Street
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
Gold
Bullish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/pSeSiNnmHe
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/iVOEuK40rn
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/ltEO5dpKux
  • WTI crude oil is currently trading up against major resistance via the 2019 and 2020 highs within the confines of a channel; something has to give. Get your market update from @PaulRobinsonFX here: https://t.co/MO9foRjm2y https://t.co/YhBFdvZDEb
  • The Dow Jones and S&P 500 outlook appears bleak in the near term as retail traders increase their upside exposure. At the same time, these indices confirmed bearish technical warning signs. Get your market update from @ddubrovskyFX here:https://t.co/fKCHELbOxo https://t.co/eVDwmFTaIg
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/8B8hqHahm1
  • The US Dollar finished off an eventful week after CPI and retail sales injected volatility into markets. FOMC is now in the Greenback’s sights as taper talks linger. Get your market update from @FxWestwater here: https://t.co/MHi0lfQ93j https://t.co/4XetwYAaNd
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/ZZRLV0Wkea
  • The Nasdaq 100 index has likely formed a bearish Gartley pattern, which hints at further downside potential. Negative MACD divergence on the weekly chart suggests that upward momentum may be fading. Get your market update from @margaretyjy here: https://t.co/GkMEkVA7YR https://t.co/E1vyCMVt6K
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1G4lMu https://t.co/2TpkkUu7Hg
Silver Price Reverses off Confluence of Resistance, Gold at a Big Spot

Silver Price Reverses off Confluence of Resistance, Gold at a Big Spot

Paul Robinson, Strategist

What’s inside:

  • Silver rallies to confluence of horizontal and trend-line resistance
  • Key reversal yesterday at intersection shows sellers willingness
  • Gold at a very important long-term threshold, should prove formidable

Find out in our Q3 Forecast what risks Precious Metals face in the months ahead.

This is from Tuesday’s commentary, “If momentum doesn’t turn lower from around current levels, we’ll then look to the trend-line off the April peak and/or a swing-high which developed in late-June.” Yesterday, the trend-line and late-June swing-high were in confluence, and sellers emerged upon silver’s arrival at the cross-road. There was another line of influence in the vicinity from May, but we’re mostly interested in the trend-line, swing-high. The rejection from a confluence of resistance is the type of price action we like to see. The key reversal day smacked of one of the candlesticks discussed in yesterday’s candlestick trading webinar (You can check it out here.)

From here if silver is to turn the tables on buyers it should start doing so soon. Price shouldn’t close above yesterday’s high if we are to see a decline get underway. If we see a strong breach then the rally off this month’s low could grow legs towards the 200-day (17.15) or higher. But if we see sellers step up in earnest another low high (LH) could be in place and a move to sub-15 could unfold. As we’ve discussed throughout this currently-viewed correction is that our expectation is for silver to trade down to the trend-line rising up from 2003.

Silver: Daily

Silver Price Reverses off Confluence of Resistance, Gold at a Big Spot

It doesn’t hurt a bearish thesis from here that gold is trading back at a very, very important long-term trend-line. The 2011 trend-line has been highly influential for a little over a year and if gold is to turn back lower then this is the area to look for it to do so…

Gold: Weekly

Silver Price Reverses off Confluence of Resistance, Gold at a Big Spot

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