Live Forex Signals on Forex Silver Price Plunging Towards Trend-line
Forex Silver Price Plunging Towards Trend-line
Live Silver suffers sharp losses on ‘flash crash’ Thursday night, beaten down further on NFPs December.
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It’s all about the weekly closing bar, not daily. Given the long-term nature of the trend-line, the daily chart is too short of a time-frame to provide validation on either a hold or break of the important threshold. Silver could drop through the trend-line on an intra-week basis, but recover and close the week back above the trend-line and it will be considered a successful hold. There are levels of minor importance from early 2016 in near confluence with the trend-line in the 14.61/78 area. Should silver hold and turn higher the first point of near-term resistance will be the December low at 15.67. If the trend-line and horizontal support fail to provide support, whether it’s now or later, the 2015 low at 13.62 will become exposed.
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Year-on-year, manufacturing production increased by 0.8%, less than the expected 1.1% advance.
The report also showed that industrial production slipped 0.1% in May, compared to expectations for a 0.4% rise.
The greenback initially weakened after payrolls processor ADP reported on Thursday that U.S. private employers added 158,000 jobs in June, well below economists’ expectations. Forex Silver Price Plunging Towards Trend-line