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
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
Gold
Bullish
Oil - US Crude
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
Bitcoin
Bearish
More View more
Real Time News
  • How can traders avoid #FOMO in trading? Start by implementing a well-heeled plan taking only four hours per week. Get your insight from @JStanleyFX here: https://t.co/vwUShQPc27 #tradingstyle https://t.co/sY0X38Obfh
  • 🇺🇸 USD MBA Mortgage Applications (FEB 14), Actual: -6.4% Expected: N/A Previous: 1.1% https://www.dailyfx.com/economic-calendar#2020-02-19
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.90%, while traders in France 40 are at opposite extremes with 80.96%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/8v6pfU4wc0
  • Heads Up:🇺🇸 USD MBA Mortgage Applications (FEB 14) due at 12:00 GMT (15min), Actual: N/A Expected: N/A Previous: 1.1% https://www.dailyfx.com/economic-calendar#2020-02-19
  • The #Euro has dropped to a four-month low against the US Dollar, testing pivotal range support. A break below that may set the stage for a move toward the 1.07 figure.Get your market update from @IlyaSpivak here:https://t.co/20JWgb4Y8g https://t.co/GoXkn7IjBy
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.19% Silver: 1.08% Gold: 0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/9pK12DdVOk
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.19% 🇳🇿NZD: 0.14% 🇦🇺AUD: 0.05% 🇨🇭CHF: -0.08% 🇬🇧GBP: -0.13% 🇯🇵JPY: -0.45% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/g3eknBXi3e
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: France 40: 0.73% Germany 30: 0.64% Wall Street: 0.22% US 500: 0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/WPF9syYyye
  • Euro vs USD Price Forecast: EUR/USD Eyes New Lows – Will the Selloff End? More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/eur-usd/2020/02/19/Euro-vs-USD-Price-Forecast-EURUSD-Eyes-New-Lows--Will-the-Selloff-End-MK.html?CHID=9&QPID=917714 https://t.co/I7sA9XdsDH
  • LIVE NOW! Currency Strategist @PaulRobinsonFX discusses important technical developments relevant to short to intermediate-term commodity and equity index traders here - https://www.dailyfx.com/webinars/816147795?CHID=9&QPID=917720&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
Silver Technical Analysis: Confluence of Support May Soon Break

Silver Technical Analysis: Confluence of Support May Soon Break

2018-05-21 09:32:00
Paul Robinson, Currency Strategist
Share:

Silver technical highlights:

  • Silver has solid support at its feet
  • Confluence between price and trend-line
  • Gold range-break suggests silver may soon cave with it

For a longer-term fundamental and technical outlook on Precious Metals or any of your favorite markets/currency pairs, check out the DailyFX 2Q Forecasts.

Lately, silver has held up better than its big brother, gold, but if the yellow metal continues to trade lower then the confluence of support at silver’s feet may soon break. There are several inflection points in the low-16s running back to February which have helped keep price supported, while recently the trend-line from July has come in as assistance in keeping silver buoyed.

For starters, support is to be respected as such until it breaks. With that said, shorting in anticipation of it breaking isn’t the most prudent approach. It looks likely to break, though, especially with gold having a good distance to go before making good on an extended move from its recent range-break.

On a confirmed break below 16.06, that is – a closing daily bar beneath the threshold, there isn’t any significant support until the December low and 2003 trend-line. The long-term trend-line coupled with the swing-low will likely make for a substantial floor around 15.60.

At the immediate moment we’ll need to be patient for shorts, but perhaps this week we’ll see the break we’re looking for. On the flip-side, for those who are long or looking to establish a long, support can be used as a backstop for assessing risk.

Traders are 4-1 long gold, check out the IG Client Sentiment page to see how this acts as a contrarian indicator for both gold and silver.

Silver Daily Chart (Confluence of support at risk)

Silver daily chart, confluence of support could soon break

Resources for Forex & CFD Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

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

News & Analysis at your fingertips.