Current trend
Prices for silver resumed their decline on Monday, offsetting a moderate growth at the end of last week, which replaced the sharp drop in quotes. The decline of the instrument was taking place due to a half-empty macroeconomic calendar, but investors were still focused on the development of the US-China trade war.
News about US plans to prohibit Chinese companies from investing in US high-tech projects almost did not give any tangible support for silver neither did the weakening of USD amid lower yields on Treasury bonds.
Today, the pair is trading in ambiguously, waiting for the appearance of new drivers at the market. On Tuesday, traders focus on the statistics from the US but the overall market activity will probably remain moderate.
Support and resistance
Bollinger Bands in D1 chart demonstrate decrease. The price range expands, making way for new local lows for the "bears". MACD is going down preserving a slight sell signal (located below the signal line). Stochastic is growing and does not react to the resumption of decline at the beginning of the current trading week.
The technical indicators remain contradictory; therefore, to open new positions, it is necessary to wait for clarification of the situation.
Resistance levels: 16.28, 16.40, 16.51, 16.60.
Support levels: 16.18, 16.10, 16.00.
Trading tips
To open long positions, one can rely on the rebound from the support level of 16.18, with the subsequent breakout of the 16.28 mark. Take-profit — 16.51 or 16.60. Stop-loss — 16.15.
The breakdown of 16.18 may serve as a signal to further sales with the target at 16.00. Stop-loss — 16.30.
Implementation period: 2-3 days.
Trade
Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 16.30
Take Profit 16.51, 16.60
Stop Loss 16.15
Key Levels 16.00, 16.10, 16.18, 16.28, 16.40, 16.51, 16.60
Alternative scenario
Recommendation SELL STOP
Entry Point 16.15
Take Profit 16.00
Stop Loss 16.30
Key Levels 16.00, 16.10, 16.18, 16.28, 16.40, 16.51, 16.60
Prices for silver resumed their decline on Monday, offsetting a moderate growth at the end of last week, which replaced the sharp drop in quotes. The decline of the instrument was taking place due to a half-empty macroeconomic calendar, but investors were still focused on the development of the US-China trade war.
News about US plans to prohibit Chinese companies from investing in US high-tech projects almost did not give any tangible support for silver neither did the weakening of USD amid lower yields on Treasury bonds.
Today, the pair is trading in ambiguously, waiting for the appearance of new drivers at the market. On Tuesday, traders focus on the statistics from the US but the overall market activity will probably remain moderate.
Support and resistance
Bollinger Bands in D1 chart demonstrate decrease. The price range expands, making way for new local lows for the "bears". MACD is going down preserving a slight sell signal (located below the signal line). Stochastic is growing and does not react to the resumption of decline at the beginning of the current trading week.
The technical indicators remain contradictory; therefore, to open new positions, it is necessary to wait for clarification of the situation.
Resistance levels: 16.28, 16.40, 16.51, 16.60.
Support levels: 16.18, 16.10, 16.00.
Trading tips
To open long positions, one can rely on the rebound from the support level of 16.18, with the subsequent breakout of the 16.28 mark. Take-profit — 16.51 or 16.60. Stop-loss — 16.15.
The breakdown of 16.18 may serve as a signal to further sales with the target at 16.00. Stop-loss — 16.30.
Implementation period: 2-3 days.
Trade
Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 16.30
Take Profit 16.51, 16.60
Stop Loss 16.15
Key Levels 16.00, 16.10, 16.18, 16.28, 16.40, 16.51, 16.60
Alternative scenario
Recommendation SELL STOP
Entry Point 16.15
Take Profit 16.00
Stop Loss 16.30
Key Levels 16.00, 16.10, 16.18, 16.28, 16.40, 16.51, 16.60