Forex Marketz Daily Forex News – Fully Markets Update
Looking at the spot silver futures contract and above four (4) hour MT 4 price chart, this spot contract is running out of steam and having difficulty extending yesterday’s gains.
The spot silver contract has put in a bearish dragonfly Doji candlestick pattern and fallen to near $27.32 per ounce during the early Asian trade session.
Today commodity traders, who trade the precious metals like silver and gold will be watching the start of the Federal Reserve Board’s Jackson Hole Economic Symposium begins. Federal Reserve Chair Jerome Powell and other monetary policy makers will be delivering commentary. Powell is expected to talk about inflation as well as an assessment of the Fed’s performance reaching their mandated goals.
As far as economic data is concerned, the United States will publish their preliminary quarterly gross domestic product (GDP). The Labor Department will publish their weekly first time unemployment claims. This is labor data for the week ending 21 August. They will also release continuing claims data. U.S. monthly pending home sales data is also on today’s calendar.
The European Union is releasing their monthly private loans data and the European Central Bank (ECB) will publish their M3 monetary supply. The economic calendar out of the United Kingdom is empty today.
Daily Spot Silver Technical Analysis
Looking at price action, silver is looking a bit bearish as we head into the weekend. The next downside barrier to come into play lines up at the fifty (50) hour simple moving average (SMA) which lines up at $23.02 per ounce. Before that can happen the sellers would need to see a close below $26 per ounce then a break below $25.75 per ounce.
On the flip side, a daily close above the upside barrier lining up at $27.55 per ounce, opens the door to challenge the technical layer of resistance at $28 per ounce. The next upside barrier lines up at $28.50 per ounce.
