Economic data out of the US once again disappointed and showed that the global economy is a lot weaker than expected, the US is no exception to the slowdown. This has boosted demand for safe haven assets such as gold and silver. Plenty of uncertainties remain embedded in the global system which is anticipated to provide a solid floor under silver. Can bulls capitalize and push price action back towards the 20 level? Subscribe to the PaxForex Daily Fundamental Analysis and grow your balance trade-by-trade.

Yesterday’s trading session was full of PMI reports from Australia, Japan, the Eurozone and the US. In general, most reports disappointed and confirmed that the global economy continues to contract. Yesterday’s session also featured the last ECB meeting under outgoing President Draghi who will leave after eight years of misguided fiscal policy. How will silver trade headed into yet another uncertain weekend? Today’s fundamental analysis will take a look at the upside potential as well as downside risk in this currency pair.