Forex Marketz Daily Forex News – Fully Markets Update
The “other” precious metal, the spot silver futures contract is trading between the one hundred (100) and two hundred (200) day simple moving averages as seen on the above daily MT 4 price action chart.
Right now, during press time, spot silver is trading around $26.20 per ounce inside the simple moving average envelope looking for a reason or spark to make a move.
Spot silver traders will be paying close attention to key labor data on Thursday. The United Kingdom is releasing their monthly unemployment rate. The UK will also publish their monthly claimant count and 3M/3M average hourly earnings. The Consumer Board (CB) will release the monthly leading index for the United Kingdom.
The United States Labor Department will publish weekly initial and continuing jobless claims. The Philadelphia Fed will publish their monthly manufacturing index. Also, the world’s largest economy will release monthly industrial production data. The euro area has nothing on their economic calendar.
Daily Spot Silver Technical Analysis
Looking at the above silver chart (XAG/USD), the white metal on Wednesday managed to cross above the 100 day simple moving average to hit a weekly high price point. However, silver could not see a daily close above the 100 day simple moving average.
The 14 day relative strength index (RSI) is neutral as silver trades sideways between the 100 and 200 day simple moving averages. Initial support lines up at the above mentioned 200 day simple moving average. This downside barrier is in play at $25.85 per ounce. The next layer of technical support is at the June low price point at $25.50 per ounce.
On the upside, a daily close above the 100 day simple moving average at $26.40 per ounce opens the door for a challenge of the monthly high price point lining up at $26.80 per ounce. The next layer of technical resistance comes into focus at the June high price point of $27 per ounce.
