LiteForex_Official

XAG/USD: growth continues

FX:XAGUSD   Silver/U.S. Dollar
37 0 0
Current trend

On Thursday, the price of silver             was growing actively and hit new local highs. The price is strengthening amid weakness in the US Dollar             , which remains under pressure from data on PMI and concerns about chances of further increases in US interest rates.

Yesterday, data on Initial Jobless Claims was released in the US. The indicator grew to 285K from 277K against 280K forecast. This data is particularly important as market participants are waiting for the publication of Nonfarm Payrolls statistics, due in the US today.

Support and resistance

Bollinger Bands indicator on the daily chart is directed up. The price range is widening actively, but the price remains out of it. MACD is growing and keeping a buy signal. Stochastic is moving up despite it has approached its highs in the overbought zone.

According to Bollinger Bands and Stochastic , a downward correction is possible in the short run. It is recommended to wait for clearer trading signals.

Support levels: 14.78 (3 February high), 14.63, 14.55, 14.48, 14.40, 14.30, 14.28 (near 29 January low), 14.00, 13.90, 13.83, 13.73 (12 January low).
Resistance levels: 14.90 (local high since November 2015), 15.00 (psychologically important level), 15.15, 15.25 (4 November 2015 level), 15.54, 15.62.

Trading tips

Long positions can be opened after the breakout of the levels of 14.90, 15.00 (with appropriate indicators signals) with targets at 15.25, 15.35, 15.50 and stop-loss at 14.60. Validity – 2-4 days.
Short positions can be opened if the price rebounds down from the level of 14.90 with targets at 14.50, 14.40 and stop-loss at 15.10. Validity – 2-4 days.
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