- Silver prices rise as the Dollar softens.
- The technical outlook remains bearish below the March 31
swing high of $15.56.
- The latest U.S. Jobless Claims figures are to be published
today and may influence the price of silver .
- This evening, the Fed's Yellen is set to speak in New York,
along with Greenspan, Bernanke, and Volcker.
Silver prices (FXCM: XAG/USD) are slightly higher than the
levels seen yesterday morning as the Dollar is on the back foot
following the publication of the March FOMC meeting minutes.
Some Fed members leaned towards hiking rates in April, while
others disagreed, citing the weak global economy as a potential
risk factor when assessing U.S. economic health.
H owever, t he market s have made up their mind and the Fed
Funds futures are currently pricing a zero percent probability of
a rate hike at the next ( April ) rate meeting. Even for th is
year's December rate meeting, the markets are only giving it a
53.7% likelihood of a rate hike, while the Fed itself projects
two rate hikes before the year is out.
For more on this please read :
FOMC Minutes From March Show Mixed Emotions for
The technical trend for silver prices remains bearish below
the March 31 swing high of $15.56, as the March 31 level is lower
than the prior swing high of $16.03 (formed on March 22). The
sequence of both lower high s and lower lows is a strong indicat
ion that the trend is bearish.
Support levels are currently at last week's low of $14.81
followed by the March 1 low of $14.75 and February 29 low of
The latest U.S. Jobless Claims figures are to be published
today and may influence the price of silver . Economists in a
Bloomberg survey project a decline to 270k from 276k. T his
evening, the Fed's Yellen is set to speak in New York, along with
Greenspan, Bernanke, and Volcker.
Our forecasts for Q2 2016 are now live on the
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Silver Price | FXCM: XAG/USD
Marketscope/Trading Station II
; prepared by Alejandro Zambrano
--- Written by Alejandro Zambrano, Market Analyst for
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