Silver prices are more or less flat since yesterday and our technical outlook therefore remains the same. The short-term ...
Silver prices are more or less flat since yesterday and our technical outlook therefore remains the same.
The short-term trend is bullish above the February 29 low of $14.60 and this suggests that prices may head higher over the coming days. Silver may trade as high as it did last week, recording a peak of $15.83 and potentially on a break to this high, could increase its position yet further, topping the February high of $15.97.
It should be stated that price is also neutral relative to its trend as it has corrected 50% of the rally from the February 29 low of $14.60. The risk/reward ratio is therefore favoring bullish positions from current levels.
On a break to the February 29 low of $14.60, there is a heightened risk that price may have turned bearish and I would therefore expect bullish traders to be heading for the exit.
Today’s ECB meeting may affect the demand for the U.S. Dollar, which in turn may affect silver, but at this stage it’s hard to know how this may explicitly take form.
In the afternoon, U.S. Jobless claims are on tap and a Bloomberg news poll projects a decline to 275k from 278k. A lower than expected reading may be silver bearish as it suggests that the U.S. labor market is doing better than expected, while a higher than expected outcome may actually have the opposite effect.
Silver prices are more or less flat since yesterday and our technical outlook therefore remains the same.
The short-term trend is bullish above the February 29 low of $14.60 and this suggests that prices may head higher over the coming days. Silver may trade as high as it did last week, recording a peak of $15.83 and potentially on a break to this high, could increase its position yet further, topping the February high of $15.97.
It should be stated that price is also neutral relative to its trend as it has corrected 50% of the rally from the February 29 low of $14.60. The risk/reward ratio is therefore favoring bullish positions from current levels.
On a break to the February 29 low of $14.60, there is a heightened risk that price may have turned bearish and I would therefore expect bullish traders to be heading for the exit.
Today’s ECB meeting may affect the demand for the U.S. Dollar, which in turn may affect silver, but at this stage it’s hard to know how this may explicitly take form.
In the afternoon, U.S. Jobless claims are on tap and a Bloomberg news poll projects a decline to 275k from 278k. A lower than expected reading may be silver bearish as it suggests that the U.S. labor market is doing better than expected, while a higher than expected outcome may actually have the opposite effect.
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!
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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.
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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.
20-22 MAY 2024
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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.
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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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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