Talking Prices Silver prices are consolidating below the February 12 high of $15.83, and may head higher on a ...
Talking Prices
Silver prices are consolidating below the February 12 high of $15.83, and may head higher on a break to the $15.83 high or after a pullback, which would offer a better risk/reward ratio for bullish traders.
For price to turn bearish, it will most likely need to break the March 3 low of $14.87.
Silver slid on the softer than expected Chinese Import/Export data, but has since then rebounded.
There are no key macro reports on tap today.
Silver prices are consolidating below the February 12 high of $15.83 and it’s fair to expect traders not to add to their bullish exposure until price trades to the $15.09 – $15.36 range, where the risk/reward ratio is better.
The alternative scenario is a breach to the February 12 high of $15.83, whereby resistance will leave the February high of $15.97 exposed, followed by the October 15, 2015 high of $16.23.
The bullish trend is also supported by gold prices trending higher and this is now suggesting that silver should be trading at $15.99, as long as gold trades at or above $1,275 per ounce. We have estimated this target with linear regression analysis using daily gold prices from the last six months as the sole explanatory variable.
For price to turn bearish, it will most likely need to break the March 3 low of $14.87.
Data published overnight showed Chinese Exports in U.S. Dollars declining by 25.4% YoY vs. the estimated 14.5% (Bloomberg poll), while Imports declined by 13.8% YoY vs. an expected 12%. Silver prices declined on the news, but have since recovered, which seems fair given that silver has a safe haven appeal to investors. There are no key macro reports on tap today.
Silver prices are consolidating below the February 12 high of $15.83, and may head higher on a break to the $15.83 high or after a pullback, which would offer a better risk/reward ratio for bullish traders.
For price to turn bearish, it will most likely need to break the March 3 low of $14.87.
Silver slid on the softer than expected Chinese Import/Export data, but has since then rebounded.
There are no key macro reports on tap today.
Silver prices are consolidating below the February 12 high of $15.83 and it’s fair to expect traders not to add to their bullish exposure until price trades to the $15.09 – $15.36 range, where the risk/reward ratio is better.
The alternative scenario is a breach to the February 12 high of $15.83, whereby resistance will leave the February high of $15.97 exposed, followed by the October 15, 2015 high of $16.23.
The bullish trend is also supported by gold prices trending higher and this is now suggesting that silver should be trading at $15.99, as long as gold trades at or above $1,275 per ounce. We have estimated this target with linear regression analysis using daily gold prices from the last six months as the sole explanatory variable.
For price to turn bearish, it will most likely need to break the March 3 low of $14.87.
Data published overnight showed Chinese Exports in U.S. Dollars declining by 25.4% YoY vs. the estimated 14.5% (Bloomberg poll), while Imports declined by 13.8% YoY vs. an expected 12%. Silver prices declined on the news, but have since recovered, which seems fair given that silver has a safe haven appeal to investors. There are no key macro reports on tap today.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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