Current trend
On Monday, the pair XAG/USD continued its decline, breaking the support level at 17.20. The prices for silver are under pressure on the eve of the upcoming meeting of the Fed on the monetary policy.
The US economy suffered a lot in September from hurricanes Harvey and Irma, so it will be difficult for the regulator to estimate the real rates of recovery, however, investors expect the regulator to hint at a possible increase in rates in December of this year.
Support and resistance
On the 4-hour chart, the price is moving downwards along the lower border of the indicator "Bollinger Bands", the range of the bands is extended. The MACD histogram is below the signal line, still giving a strong signal to sell.
Support levels: 17.00, 16.80, 16.60.
Resistance levels: 17.20, 17.30, 17.50.
Trading tips
Short positions can be opened at the current price with a target of 16.80 and a stop loss at around 17.35.
Long positions will become relevant at 17.40 with a target of 17.80 and a stop loss at around 17.15.
Implementation period: 1-3 days.
On Monday, the pair XAG/USD continued its decline, breaking the support level at 17.20. The prices for silver are under pressure on the eve of the upcoming meeting of the Fed on the monetary policy.
The US economy suffered a lot in September from hurricanes Harvey and Irma, so it will be difficult for the regulator to estimate the real rates of recovery, however, investors expect the regulator to hint at a possible increase in rates in December of this year.
Support and resistance
On the 4-hour chart, the price is moving downwards along the lower border of the indicator "Bollinger Bands", the range of the bands is extended. The MACD histogram is below the signal line, still giving a strong signal to sell.
Support levels: 17.00, 16.80, 16.60.
Resistance levels: 17.20, 17.30, 17.50.
Trading tips
Short positions can be opened at the current price with a target of 16.80 and a stop loss at around 17.35.
Long positions will become relevant at 17.40 with a target of 17.80 and a stop loss at around 17.15.
Implementation period: 1-3 days.