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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
More View more
Real Time News
  • Rather than focusing on earning a specific number of pips per day, traders need to focus on what can be controlled. In trading terms this relates to following a strategy perfectly, with no emotion or hesitation. Learn more here:
  • That if you’re offended by what someone says on Twitter and that ruins your day, you live an extremely lucky life to be able to have that be your biggest problem for the day.
  • Myth or fact? One thing is for sure, there are a lot of misconceptions about trading. Knowing the difference between common trading myths and the reality is essential to long-term success. Find out about these 'myths' here:
  • Moving averages are extremely popular due to its easy-to-use nature and multitude of uses when trading. What are some popular moving averages and how can you use them? Find out:
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here:
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here:
  • Long wick candles are recurrent within the forex market. This makes understanding the meaning behind these candles invaluable to any trader to comprehend the market dynamics during a specific period. Learn about the importance of extended wicks here:
  • Safe haven stocks also allow traders to diversify their portfolio and reduce risk. Learn if safe-haven stocks are made for you here:
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here:
  • but the next major point in my view to monitor will be 52.76 - at least in the short term.
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, Strategist

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.