Current trend
Today, during the Asian session, silver prices show negative dynamics, consolidating below the psychological mark of $24 per troy ounce and renewing local lows since the beginning of the month. The pressure on the quotes of the instrument, also to USD growth, is also exerted by the increase in the yield of Treasury bonds, which renew their weekly highs.
On Thursday, American investors have focused on a block of US macroeconomic statistics on Jobless Claims. Also, during the day, the representatives of the US Federal Reserve, John Williams and Michelle Bowman, will speak. They are likely to express their point of view regarding the prospects for the imminent reduction of the quantitative easing (QE) program.
Support and resistance
On the daily chart, Bollinger bands reverse horizontally. The price range actively narrows, reflecting a change in the direction of trading in the short term. MACD, without reaching the zero line, reversed downwards, forming a new sell signal (the histogram is below the signal line). Stochastic shows a much more confident decline but is near its lows, which indicates that silver may become oversold in the ultra-short term.
It is better to keep the current short positions until the signals from technical indicators are clarified.
Resistance levels: 24.00, 24.37, 24.65, 25.00.
Support levels: 23.60, 23.00, 22.40, 22.00.
Today, during the Asian session, silver prices show negative dynamics, consolidating below the psychological mark of $24 per troy ounce and renewing local lows since the beginning of the month. The pressure on the quotes of the instrument, also to USD growth, is also exerted by the increase in the yield of Treasury bonds, which renew their weekly highs.
On Thursday, American investors have focused on a block of US macroeconomic statistics on Jobless Claims. Also, during the day, the representatives of the US Federal Reserve, John Williams and Michelle Bowman, will speak. They are likely to express their point of view regarding the prospects for the imminent reduction of the quantitative easing (QE) program.
Support and resistance
On the daily chart, Bollinger bands reverse horizontally. The price range actively narrows, reflecting a change in the direction of trading in the short term. MACD, without reaching the zero line, reversed downwards, forming a new sell signal (the histogram is below the signal line). Stochastic shows a much more confident decline but is near its lows, which indicates that silver may become oversold in the ultra-short term.
It is better to keep the current short positions until the signals from technical indicators are clarified.
Resistance levels: 24.00, 24.37, 24.65, 25.00.
Support levels: 23.60, 23.00, 22.40, 22.00.