Silver Prices Remain Low After Yesterday’s Dramatic Plunge
by
DailyFX News
Talking Points Silver price has softened by 5.3 percent since last week’s high of $16.16 and it has slid ...
Talking Points
Silver price has softened by 5.3 percent since last week’s high of $16.16 and it has slid below the March 16 low of $15.22, but was not able to cleanly break the level.
On a break to the March 16 low of $15.22, the $14.87 will be exposed.
Action Packed Afternoon: Jobless claims, Durable Goods orders and PMI’s on deck.
The price of silver has softened by 5.3 percent since last week’s high of $16.16. The decline, which was fairly dramatic in relation to recent slides and contains a good amount of bearish momentum, was triggered by a stronger Dollar.
Price slid below the March 16 low of $15.22, but was not able to cleanly break that level. On price sliding below the $15.22 level, the bullish trend since the start of March would be over, as price would break a prior low. If this scenario plays out, the next support level which comes into view is the March 3 low of $14.87, followed by the February 29 low of $14.63.
Last week’s high of $16.16 is the closest significant high.
Action Packed Afternoon
Trading this afternoon will probably be dominated by demand and supply of the USD. Key reports like Jobless Claims, Durable Goods Orders and Markit U.S. Services PMI are on deck, and will most likely generate a reaction to the USD. Data beating expectations may strengthen the Federal Reserve’s case to raise rates and thereby boost the USD and soften Silver, while softer than expected outcomes may actually have the opposite effect.
Silver price has softened by 5.3 percent since last week’s high of $16.16 and it has slid below the March 16 low of $15.22, but was not able to cleanly break the level.
On a break to the March 16 low of $15.22, the $14.87 will be exposed.
Action Packed Afternoon: Jobless claims, Durable Goods orders and PMI’s on deck.
The price of silver has softened by 5.3 percent since last week’s high of $16.16. The decline, which was fairly dramatic in relation to recent slides and contains a good amount of bearish momentum, was triggered by a stronger Dollar.
Price slid below the March 16 low of $15.22, but was not able to cleanly break that level. On price sliding below the $15.22 level, the bullish trend since the start of March would be over, as price would break a prior low. If this scenario plays out, the next support level which comes into view is the March 3 low of $14.87, followed by the February 29 low of $14.63.
Last week’s high of $16.16 is the closest significant high.
Action Packed Afternoon
Trading this afternoon will probably be dominated by demand and supply of the USD. Key reports like Jobless Claims, Durable Goods Orders and Markit U.S. Services PMI are on deck, and will most likely generate a reaction to the USD. Data beating expectations may strengthen the Federal Reserve’s case to raise rates and thereby boost the USD and soften Silver, while softer than expected outcomes may actually have the opposite effect.
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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
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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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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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
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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.
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