Can Silver Prices Remain Trapped Following Today’s US Data?
New York (Apr 26) The narrow range of $16.76 and $17.13 has kept silver prices trapped at the time of writing. Yesterday's high is the $17.13 level while the $16.76 low was formed following the April 21 ECB rate meeting. With price being coiled, a trend may emerge on a break to this range.
Support levels below the ECB rate meeting low are the psychological level of $16.50 followed by the April 18 low of $16.13. Resistance levels beyond the $17.13 high are the April 22 high of $17.37 and last week's high of $17.73.
There is no lack of market moving events on deck today.
The batch of U.S. data starts with Durable Goods Orders, which is expected to have risen by 1.9% MoM. Markit U.S. Services PMI and Consumer Confidence Index follow the Durable Goods Orders report. The general tendency is for a better than expected outcome to boost the USD, which may affect silver prices in a negative way. While a lower than expected reading may have a negative effect on the USD, there may be a positive effect on silver. See our economic calendar with expected outcomes.