Forex Marketz Daily Forex News – Fully Markets Update
Looking at the spot silver futures contract, price action has seen an intra-day low of $25.75 per ounce during the early Asian trade session. Right now price is trading around $25.85 per ounce.
Also of note, the spot silver contract is trading below the fifty (50) day simple moving average as price remains skewed to the downside. Price action has been below the 50 day simple moving average for a couple of weeks now.
The big event on today’s economic calendar is the Federal Reserve Board. Their Federal Open Market Committee (FOMC) will announce monetary policy and their rate decision today. The Federal Open Market Committee will also give quarterly economic forecasts and the Fred Funds Rate (FFR) dot plot. Traders will also listen to what Federal Reserve Chair Jerome Powell says about asset purchases and inflation.
The sentiment linked spot silver contract is also reacting to geo-political headlines. Iran is supposedly building a secret nuclear weapons site and North Korea is ready to test long range intercontinental ballistic missile. (ICBM). The United States will be holding talks with China and considering new against Russia for election interference.
Daily Spot Silver Technical Analysis
The spot silver contract on the above daily MT 4 price action chart has immediate downside support in play at $25.75 per ounce. There is also support at the rising trend line from the 7 December low price point. Trend line support lines up at $25.10 per ounce.
Below the rising trend line there is technical support at the round $25 per ounce level with $24.83 then coming into focus.
On the upside, the first layer of technical resistance is at the fifty day simple moving average. This level is at $26.35 per ounce. There is a key upside barrier lining up at the falling trend line in play since 1 February. This layer of technical resistance is at $26.75 per ounce.
