Talking Points Silver is trending lower and bearish below the January 25 high of $15.34. A break to last ...
Talking Points
Silver is trending lower and bearish below the January 25 high of $15.34.
A break to last week’s low of $14.63 may generate a slide to the February 2 low of $14.23.
U.S. ADP is today’s highlight for silver as it may affect USD positioning.
Silver prices slid as expected and it would be fair to expect the price to reach last week’s low of $14.63 as long as price is being capped by the January 25 high of $15.34. On a breach to the $14.63 low, silver may reach the February 2 low of $14.23 and for the trend to turn bullish, price may need to overtake the January 25 high of $15.34.
A move lower is also supported by the stronger US Dollar index (FXCM: USDOLLAR), which has gained over the last two weeks as the markets begin to reevaluate the outlook for further Fed rate hikes. Traders are now pricing in 38bps in rate hikes over the next 12 months, up by 16bps less than two weeks ago.
U.S. ADP is on tap and a Bloomberg news poll projects the creation of 190 000 jobs from 200 000 in January. A better than expected reading may keep silver under pressure as it would boost risk-appetite and the US Dollar, while a softer reading may boost silver.
The weekly DOE/EIA crude oil inventories report is expected to show a build of 3.4m barrels (Bloomberg news projection), and traders will see how crude oil reacts given that it may affect risk-appetite.
For further data reports, which could prove to be influential on silver prices, please see our economic calendar.
Silver is trending lower and bearish below the January 25 high of $15.34.
A break to last week’s low of $14.63 may generate a slide to the February 2 low of $14.23.
U.S. ADP is today’s highlight for silver as it may affect USD positioning.
Silver prices slid as expected and it would be fair to expect the price to reach last week’s low of $14.63 as long as price is being capped by the January 25 high of $15.34. On a breach to the $14.63 low, silver may reach the February 2 low of $14.23 and for the trend to turn bullish, price may need to overtake the January 25 high of $15.34.
A move lower is also supported by the stronger US Dollar index (FXCM: USDOLLAR), which has gained over the last two weeks as the markets begin to reevaluate the outlook for further Fed rate hikes. Traders are now pricing in 38bps in rate hikes over the next 12 months, up by 16bps less than two weeks ago.
U.S. ADP is on tap and a Bloomberg news poll projects the creation of 190 000 jobs from 200 000 in January. A better than expected reading may keep silver under pressure as it would boost risk-appetite and the US Dollar, while a softer reading may boost silver.
The weekly DOE/EIA crude oil inventories report is expected to show a build of 3.4m barrels (Bloomberg news projection), and traders will see how crude oil reacts given that it may affect risk-appetite.
For further data reports, which could prove to be influential on silver prices, please see our economic calendar.
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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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