Silver Price Is Targeting Its Yearly Low
Here you can find all the latest breaking forex and currency news about Silver Price Is Targeting Its Yearly Low including currency analysis and forecasts, live foreign exchange rates, central bank interest rates, and currency trading strategies from experienced fx traders and forex platforms.
Yesterday, the silver price took out last week’s low and triggered a sell signal in line with our outlook. This marked the resumption of the bearish trend and I would expect price to reach its yearly low of $13.95 as long as we trade below the November 12 high of $14.48.
The main driver of this decline is higher U.S. yields and a stronger Dollar, with the specific trigger behind the latest slide being an unexpected rise in U.S. headline inflation. Inflation rose by 0.2 percent year-on-year vs. an expected outcome of 0.1 percent (Bloomberg News survey). Traders not short will most likely sell on a bounce to the $14.24 to $14.33 range, with stops above $14.48.
I would also expect an acceleration of the bearish trend on a break of yesterday’s low of $14.09.
Gold price is slipping below its yearly low in yesterday’s trading session helps to strengthen our bearish case. The current fair value price for silver is at $14.01 according to the current gold price. Also adding to our bearish summary is the EURUSD sliding to new lows as the Fed looks to hike and the ECB looks to cut rates.
FOMC On Tap
The biggest risk to a bearish outlook in today’s session is the latest Fed rate meeting minutes. A pullback in price may occur if the tone of the minutes are perceived as bearish, which is something that we don’t see as being likely at this point. The Fed must make a full 180 degree turn for traders to back off from a potential rate hike, or the U.S. data must turn significantly soft over the coming weeks.
Created with Marketscope/Trading Station II; prepared by Alejandro Zambrano
--- Written by Alejandro Zambrano, Market Analyst for DailyFX.com
Contact and follow Alejandro on Twitter: @AlexFX00
Learn more about trading, join a London Seminar
To be added to Alejandro’s e-mail distribution list, please fill out this form
original source
The article above is about breaking forex and currency news regarding Silver Price Is Targeting Its Yearly Low, if you have any question about it. Please contact us by using the link below. Thanks for your patience.
- Japanese Yen Gains, Nikkei Falls as BOJ Leaves Policy Unchanged
- Chinese Business Sentiment Contracts for the First Time in 4 Months
- Dismal UK Retail Sales to Spur Another Test of GBP/USD Resilience
- Forex-Webinar:-FOMC-Minutes-Reinforce-Hike-Forecast
- Trading Video: Dollar Fails to Rally on Hawkish FOMC, Equities Rally
- Among Top Themes, Where is the Risk Most Potent: Fed Hike, China, EM?
- EUR/USD Technical Analysis: Looking to Short on Bounce
- US Dollar Declines as FOMC Minutes Bring Nothing New to the Table
- US DOLLAR Technical Analysis: USD Holds Support on FOMC Minutes
- WTI Crude Oil Price Forecast: What Now That $40bbl Broke?
- Fingertrp Scalping with James Stanley (Using Tradingview Charts)
- EUR/USD Risks Fresh Monthly Lows on Hawkish FOMC Minutes
- Analyst Pick - Kiwi & CAD in Focus
- Price & Time: USD/CAD ? It?s Showtime
- GBP/USD Ranges Ahead of FOMC Minutes
- President Xi Warns That China Faces Considerable Downward Pressure
- FOMC Minutes Later Today - USD Set for October 28 Redux
- Silver Price Is Targeting Its Yearly Low
- FTSE 100: Commodity Markets Wants to See The FTSE 100 at 6040
- DAX 30: Momentum Slows Down, FOMC Minutes on Tap
- US Dollar May Extend Gains as Fed Minutes Foreshadow Rate Hike
- Copper Surplus Faces Falling Premiums; Gold Slides before Fed Minutes
- China Real Estate Market Recovery Slows in October
- Traders Not as Confident of Fed Hike as Markets, Economists
- EUR/GBP Technical Analysis: Euro Drops to 3-Month Low
- Dollar Unmoved After China Treasury Holdings Hit a 7 Month Low
- Can Dollar Climb Continue After FOMC Forecast Shift?
- Dollar’s CPI Rally Lacking, Stall in Risk Raises Yen Crosses Appeal
- NZD/USD Technical Analysis: Short Trade Activated Sub-0.65
- Will the DAX Crack or Cower from Resistance?