Current trend
Last week silver price reached 2-month highs due to the publication of the USA inflation data, which were lower than expected. Today the growth rate slowed, which can be caused by the slight decrease of the tense between USA and North Korea: the demand on more profitable assets, such as USA stocks and USD, went up.
Today due to the lack of key macroeconomic releases traders should pay attention to the technical indicators readings.
Support and resistance
On the 4-hour chart the pair is moving sideways within the narrow price range between the upper border and the middle line of the Bollinger Bands. MACD indicator is in the positive zone, keeping a signal to open long positions.
Support levels: 17.00, 16.80, 16.60.
Resistance levels: 17.20, 17.38, 17.50.
Trading tips
Long positions can be opened at the current level with the target at 17.50 and stop loss at 16.80
Short positions can be opened at the level of 16.80 with the target at 16.20 and stop loss at 17.20.
Implementation period: 1-3 days.
Last week silver price reached 2-month highs due to the publication of the USA inflation data, which were lower than expected. Today the growth rate slowed, which can be caused by the slight decrease of the tense between USA and North Korea: the demand on more profitable assets, such as USA stocks and USD, went up.
Today due to the lack of key macroeconomic releases traders should pay attention to the technical indicators readings.
Support and resistance
On the 4-hour chart the pair is moving sideways within the narrow price range between the upper border and the middle line of the Bollinger Bands. MACD indicator is in the positive zone, keeping a signal to open long positions.
Support levels: 17.00, 16.80, 16.60.
Resistance levels: 17.20, 17.38, 17.50.
Trading tips
Long positions can be opened at the current level with the target at 17.50 and stop loss at 16.80
Short positions can be opened at the level of 16.80 with the target at 16.20 and stop loss at 17.20.
Implementation period: 1-3 days.