Forex Marketz Daily Forex News – Fully Markets Update
Looking at the spot silver contract, for front end delivery, price action is within a falling trend channel moving quietly around $21.15 to $21.20 per ounce. Right now, the silver futures contract is also within a broad trading range from $25 per ounce to $25.30 per ounce.
Tuesday’s economic calendar is not very busy. The euro area is releasing revised quarterly gross domestic product (GDP) data and Germany will publish their monthly trade balance. Italy will publish monthly retail sales numbers and the United Kingdom will release the monthly private BRC retails sales index.
The United States and Canada have no macroeconomic data schedule for release on Tuesday. As far as geo-politics are concerned, the U.S. House of Representatives will take up the revisions for President Joe Biden’s massive $1.9 trillion fiscal pandemic relief package. If all goes well, President Biden will sign the bill into law sometime this week.
Daily Spot Silver Technical Analysis
Technical positioning in light of a quiet economic calendar will drive spot silver price action during the course of the day. While the spot futures contract trades within the downward sloping channel, along with a slightly bearish MACD histogram, the sellers look to be in control of the white metal.
On the downside, the round number at $25 per ounce is immediate technical support. A daily close below $25 opens the door to challenge the channel support in play at $24.25 per ounce. The next downside barrier is in play at $24.15 per ounce before the key round number at$24 per ounce comes into play.
On the upside, the silver futures contract (XAG/USD) has immediate technical resistance in play at the upper boundary of that bearish trend channel. This upside barrier lines up at $25.55 per ounce. The next upside barrier lines up at a former technical support level, from 17 January, in play at $26.65 per ounce.
