OctaFX | OctaFX Forex Broker
Open trading account
Back

Silver declined 0.04%, to $14.85 an ounce on firm dollar

  • March silver declined 0.04%, to $14.85 an ounce.
  • March palladium fell $4.80, or 0.4%, to $1,189.70 an ounce on Thursday after settling at a record $1,194.50 an ounce yesterday. 

Supported by the news that China will reduce tariffs on imported autos, Palladium markets were sharply higher yesterday with the palladium market making a fresh new all-time high. However, precious metals have declined from overnight prices on dollar strength with the DXY holding grounds on the 97 handle. 

Silver has been tracking the dollar's performance and Sino/US trade relations. Risk sentiment got a boost on the news that the 'Made in China 2025' has been put on the backburner by China as the two sides appear to be very committed to reaching a trade deal this time around. President Trump indicated he would intervene in the arrest of Huawei’s chief financial officer Meng Wanzhou if it would help ensure a trade deal with China. China also made the first big US soybean purchase since the Trump-Xi tariff war truce made. 

With respect to precious metals, analysts at TD Securities think that 'the complex may need more certainty that the Fed will not move towards restrictive policy next year before prices move substantially higher'.

Silver levels

  • Support levels: 14.61 14.46 14.35  
  • Resistance levels: 14.86 14.96 15.11

The 4hr indicators are positive with the price perched above the pivot line of 14.71. Bulls have targeted R1 at 14.86 and RSI has room to go before oversold territory and the price recently breaking the 4hr 100-SMA down at 14.61.  On the flip side, a break of the 4hr 10 SMA at 14.54 opens downside risk for a test of the confluence the 21-4hr SMA at 14.44 ahead of in S3 at 14.35.

 

Gold moves in a sideways chop around the pivot on mixed risk sentiment

Metal prices got a boost mid week with improved optimism over Sino/US trade relations. The news that China might even delay its 'Made in China 2025' s
Read more Previous

EUR/USD recovers from ECB losses and rises to 1.1370

The EUR/USD pair erased the losses the followed the ECB decision and Draghi’s press conference. It rose back above 1.1650 and recently reached 1.1370.
Read more Next
Start livechat