The RBA kept interest rates unchanged, in a move that was widely expected by markets. Fears over the coronavirus are factoring into the short-term outlook by various central banks. Despite numerous warnings from health officials that the global system is not prepared for an epidemic, traders have pushed aside those concerns. Silver was pressured into a strong horizontal support area, where is price action headed from here? Subscribe to the PaxForex Daily Fundamental Analysis and grow your balance trade-by-trade.

Forex traders were surprised by better than expected manufacturing PMI data out of the Eurozone and the US. Today’s data set features PPI data out of Italy and the Eurozone as well as factory orders out of the US. Will Silver bears get the data to extend the sell-off in this precious metal, or can bulls force a price action reversal? Today’s fundamental analysis will take a look at the upside potential as well as the downside risk in this commodity.