Silver Rises As Bulls Gain Strength

FXOpen

Silver extended upside movement on Monday, increasing the price of white metal to more than $16.50 after the release of US nonfarm payroll report. The technical bias remains bearish because of a lower low and lower high in the recent wave on the daily chart.

Technical Analysis

As of this writing the precious metal is being traded around $16.50. A hurdle can be noted near $17.08, the horizontal resistance area ahead of $18.00, another critical resistance zone. A break and daily closing above the $18.00 resistance area shall incite renewed buying interest, validating an upside rally towards the $19.00 resistance area.

Silver Rises As Bulls Gain Strength

One the down side, the white metal is likely to find a support around $16.25, the intraday low of today ahead of $15.80, the horizontal support zone and then $15.63, the swing low of the last major downside wave. The technical bias shall remain bearish as long as the $17.21   resistance zone is intact.

US Employment News

The number of jobs added in the US missed expectations in December, although the run of relatively solid economic data continued ahead of the Federal Reserve’s next meeting to decide monetary policy in February. The final non-farm payroll data under President Barack Obama showed an increase of 156,000 jobs in the month, after rising by a revised figure of 204,000 the month before, according to the US Department of Labor.

Meanwhile, the unemployment rate rose slightly to 4.7 per cent, up from 4.6 per cent in November, while wages swung back into growth of 10 cents, a 0.4 per cent rise after dipping by two cents last month.

Trade Idea

Considering the overall technical and fundamental outlook, buying the precious metal near current levels appears to be a good strategy I short to medium term.

 

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

Commodities and European currencies Test Key Supports EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace The US Currency Corrects After Recent Growth USD/JPY Price Analysis: Consolidation ahead of US News

Latest articles

Forex Analysis

Commodities and European currencies Test Key Supports

On the eve of the Easter holidays, the main currency pairs have slightly slowed down the development of the main trends and are consolidating near key ranges, the breakdown of which could provoke a change in the vectors of medium-term

Shares

Stock Market Analysis: NVDA Losing Leadership?

Since the start of the week, the S&P-500 Index (US500) is up about 0.58% while NVDA's share price is down about 3.8%. This is a worrying sign for Nvidia stock investors — could it be a sign

Forex Analysis

EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March

As the EUR/USD chart shows at the start of the European session today, the exchange rate has dropped below EUR 1.08 per US dollar.

Tuesday's news contributed to this. According to Nasdaq.com, on March 26, 2024, The

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.