Silver Punches Past $17.00 on Trade Talk ConcernsSilver is back above the $17.00 level on Tuesday. The up-and-down trade talks between the U.S. and China continue to have a significant impact on risk appetite and on safe-haven assets like silver.
Silver has reversed directions on Tuesday and headed higher. In the European session, silver is trading at $17.02, up $0.13 or 0.81% on the day. There are no major U.S. events on the schedule. On Wednesday, we’ll get a look at key services and employment data. The ISM Services PMI is projected to tick lower to 54.5, while ADP nonfarm payrolls is expected to improve to 140 thousand.
Have Trade Talks Hit a Bump?
Silver Technical Analysis
The silver price forecast remains neutral, as the metal continues to show limited movement in both directions. Note that the 200-EMA and 50-EMA lines remain relevant. With the gains seen on Tuesday, the resistance line at 17.25 is under pressure. The 50-EMA is at 17.26. Above, there is resistance at 17.75. On the downside, the 200-EMA is at 16.55, a shade above support at 16.50. Below, there is support at the round number of 16.00, a level with psychological significance.