Talking Points Silver prices are higher on safe haven flows. Today, Markit U.S. Services PMI is on deck and ...
Talking Points
Silver prices are higher on safe haven flows.
Today, Markit U.S. Services PMI is on deck and may boost risk-appetite if the outcome is higher than expected. However, with stock in a firm downward trend, I doubt that the PMI will be enough.
When prices on Monday slid below the February 16 low of $15.14, the trend turned bearish. This breach to the low also triggered a ‘Head and Shoulders’ pattern, which projects a decline to $14.35. However, this outlook is not particularly strong any longer, given that the DAX 30 and FTSE 100 turned bearish this morning. This is currently lifting silver on safe haven flows.
The Trend Remains Bearish
The trend remains bearish below the February 19 high of $15.50 and price may still drift lower over the new few weeks. However, at the time of writing, it would appear that price needs to break yesterday’s low of $15.18 for the bearish momentum to pick up.
On a successful break to the February 19 high of $15.50, the trend will turn neutral-to-bullish and may potentially lift price to the February 12 high of $15.83. Gold prices are already trying to break resistance levels, and providing a hint at the same time that such may also happen to silver.
Markit U.S. Services PMI
Today, Markit U.S. Services PMI is on deck and may boost risk-appetite if the outcome is higher than expected. A Bloomberg News poll projects a rise from 53.2 to 53.5. However, with the European stock markets in a clear short-term downward trend, I doubt a good reading of the Markit U.S. Services PMI will alone be enough to stop the safe haven flows to silver.
Today, Markit U.S. Services PMI is on deck and may boost risk-appetite if the outcome is higher than expected. However, with stock in a firm downward trend, I doubt that the PMI will be enough.
When prices on Monday slid below the February 16 low of $15.14, the trend turned bearish. This breach to the low also triggered a ‘Head and Shoulders’ pattern, which projects a decline to $14.35. However, this outlook is not particularly strong any longer, given that the DAX 30 and FTSE 100 turned bearish this morning. This is currently lifting silver on safe haven flows.
The Trend Remains Bearish
The trend remains bearish below the February 19 high of $15.50 and price may still drift lower over the new few weeks. However, at the time of writing, it would appear that price needs to break yesterday’s low of $15.18 for the bearish momentum to pick up.
On a successful break to the February 19 high of $15.50, the trend will turn neutral-to-bullish and may potentially lift price to the February 12 high of $15.83. Gold prices are already trying to break resistance levels, and providing a hint at the same time that such may also happen to silver.
Markit U.S. Services PMI
Today, Markit U.S. Services PMI is on deck and may boost risk-appetite if the outcome is higher than expected. A Bloomberg News poll projects a rise from 53.2 to 53.5. However, with the European stock markets in a clear short-term downward trend, I doubt a good reading of the Markit U.S. Services PMI will alone be enough to stop the safe haven flows to silver.
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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!
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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.
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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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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.
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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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