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
More View more
Real Time News
  • 🇹🇭 Balance of Trade (AUG) Actual: $-1.22B Expected: $0.97B Previous: $0.18B https://www.dailyfx.com/economic-calendar#2021-09-24
  • Heads Up:🇹🇭 Balance of Trade (AUG) due at 03:30 GMT (15min) Actual: $-1.22B Expected: $0.97B Previous: $0.18B https://www.dailyfx.com/economic-calendar#2021-09-24
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/DWm7cC4v7H https://t.co/uhBNvCTHrW
  • Evergrande USD bondholders say have yet to receive interest due Thursday -BBG
  • The US Dollar seems to be back on the offensive against its major counterparts, pressuring EUR/USD and NZD/USD lower as USD/JPY consolidates. USD/CHF surges past key resistance. Get your market update from @ddubrovskyFX here:https://t.co/MrLGSp7FYa https://t.co/J0vSWHaADc
  • Gold prices gain as potential systemic risks out of China's Evergrande Group roil broader markets. Meanwhile, iron ore is ticking higher after a big drop on Monday as China steps up steelmaking curbs. Get your market update from @FxWestwater here:https://t.co/l4kAWDrr7M https://t.co/nmP0MX8LGM
  • 🇯🇵 Core Inflation Rate YoY (AUG) Actual: 0.0% Expected: 0% Previous: -0.2% https://www.dailyfx.com/economic-calendar#2021-09-23
  • 🇯🇵 Inflation Rate Ex-Food and Energy YoY (AUG) Actual: -0.5% Previous: -0.6% https://www.dailyfx.com/economic-calendar#2021-09-23
  • 🇯🇵 Inflation Rate YoY (AUG) Actual: -0.4% Previous: -0.3% https://www.dailyfx.com/economic-calendar#2021-09-23
  • Gold remains higher despite positive Evergrande news out of China. Meanwhile, copper bulls are pushing prices upward as the potential for a housing crisis in China ebbs. Get your market update from @FxWestwater here:https://t.co/TK3MNntBdA https://t.co/T6CPbFLv9f
Silver Technical Outlook: Resistance Threatens Rally

Silver Technical Outlook: Resistance Threatens Rally

Paul Robinson, Strategist

Highlights:

  • Silver rally since last month has brought it near a key are of resistance
  • Momentum is weakening, but one more push higher may be all it can sustain for now
  • Support levels below to watch should silver weaken soon

Check out the recently released Q1 Trading Forecasts to see where we view the markets you watch may be headed in the months ahead.

The rally in silver (gold, too) has been impressive, and one we admittedly didn’t think would commence until a little more weakness was seen first. But, nevertheless, here we are trading well over 17 after traversing the mid-15s just a month ago.

There is significant resistance from around current levels up to 17.46. The upper portion of the triangle formation which proceeded the November/December decline has several inflection points. Add in the July 2016 trend-line and you have a significant area of resistance.

Price action matters when determining if the support or resistance levels penciled in will matter to the market or not. Momentum is still broadly in favor of longs despite the past couple of days showing a bit of a struggle. A strong reversal lower will be our cue that the market is ‘honoring’ resistance. (For more on reversal price action, check out this video on candlestick analysis.)

On weakness, the first level of support arrives by way of the 200-day at 16.91, but what gives it even more weight is the trend-line off the December low. It’s viewed as the first test, with another level (and line) of support clocking in near 16.60. This will constitute a retest of the September trend-line and October swing-low. Given the confluence it is viewed as a more reliable area to look for a decline to end.

See these 4 ideas on how to Build Confidence in Trading

Silver: Daily

Silver daily price chart

---Written by Paul Robinson, Market Analyst

To receive Paul’s analysis directly via email – SIGN UP HERE

You can follow Paul on Twitter at @PaulRobinsonFX

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

DISCLOSURES