Current trend
After a month of active growth silver has been under correction during the current week. It was caused by strong resistance levels namey the upper border of the upward D1 (blue) channel that matched the zone of 18.50. Locking in profits on this level is reasonable.
Today the market is waiting for US unemployment data and production activity index from FRB Philadelphia at 14:30 (GMT+2) with negative outlooks for USD. US Secretary of Treasury Steven Mnuchin is to make a speech at 19:15 (GMT+2). Events like this are difficult to predict, but judging from Mnuchin's recent statement against Trump, this speech may facilitate the strengthening of US dollar. In this case further correction of silver will be possible.
Support and resistance
Support levels: 16.80, 17.35, 17.70.
Resistance levels: 18.25, 18.50, 18.75.
Trading tips
Short positions may be opened at the market price with targets at 17.70, 17.35 and stop-loss 18.60.
Alternatively, one may consider buying if the price consolidates above 18.25 with targets at 18.50 and stop-loss at 18.05.
After a month of active growth silver has been under correction during the current week. It was caused by strong resistance levels namey the upper border of the upward D1 (blue) channel that matched the zone of 18.50. Locking in profits on this level is reasonable.
Today the market is waiting for US unemployment data and production activity index from FRB Philadelphia at 14:30 (GMT+2) with negative outlooks for USD. US Secretary of Treasury Steven Mnuchin is to make a speech at 19:15 (GMT+2). Events like this are difficult to predict, but judging from Mnuchin's recent statement against Trump, this speech may facilitate the strengthening of US dollar. In this case further correction of silver will be possible.
Support and resistance
Support levels: 16.80, 17.35, 17.70.
Resistance levels: 18.25, 18.50, 18.75.
Trading tips
Short positions may be opened at the market price with targets at 17.70, 17.35 and stop-loss 18.60.
Alternatively, one may consider buying if the price consolidates above 18.25 with targets at 18.50 and stop-loss at 18.05.