- Silver convene during risk near-term, broader opinion stays constructive
- Updated targets cancellation levels
- Looking for some-more trade ideas? Review DailyFX’s 2017 Trading Guides. Join Michael for Live Weekly Trading Webinars on Mondays at 13:30GMT (8:30ET)
Technical Outlook: Silver prices are responding to a pivotal insurgency connection during 17.74/86– this segment is tangible by a 38.2% retracement of a Jul decrease a 200-day relocating normal and converges on a span of slope lines fluctuating off a 2016 highs. Although a broader opinion stays constructive, a evident allege is during risk next this threshold with support seen during a median-line fluctuating off a Nov low / 100DMA around ~17.15/29. A crack above this vicious section would expected see accelerated gains for a changed steel with such a unfolding targeting connection Fibonacci insurgency during 18.33/39.
Notes: Prices have been trade within a proportions of an descending pitchfork arrangement fluctuating off a Dec lows with china struggling to mountain a 50-line this week. Note that we’ve been imprinting ongoing dissimilarity in movement on this allege and serve highlights a near-term risk for a pullback in price.
Interim support rests with a weekly / monthly opens during 17.49/53 corroborated closely by a median-line / 23.6% retracement during 17.33. A mangle next this turn would advise a incomparable improvement is underway targeting a weekly operation lows during 17.03 a reduce parallel. Bottom line: a evident hazard is reduce though eventually debility into a reduce parallels should be noticed as a shopping opportunity.
Looking for trade ideas? Review DailyFX’s 2017 1Q Projections
Other Setups in Play:
- EUR/USD Eyes 1.0580 Support Ahead of 4Q GDP
- NZD/USD Rally Vulnerable Ahead of 7300- New Zealand CPI on Tap
- AUD/USD Risks Exhaustion on Record Low Core Inflation
- AUD/JPY Reversal Targeting Initial Support Hurdle
- Webinar: Markets on Edge as Trump Assumes Office- USD Under Review
—Written by Michael Boutros, Currency Strategist with DailyFX
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