Current trend
During yesterday's trading the price of silver grew to the level of 17.93 (approaching 6-month maximums) as safe haven assets continued to attract the investors' attention in view of the current issues around North Korea and increased possibility of a nuclear military conflict. Today the market moved a bit back from yesterday's maximums. The prices are still under pressure, as the USA tightened their rhetoric in respond to the missile launch by North Korea.
Today the price of silver may also respond to statements by a few Fed's officials. Traders will be waiting for hints at the terms of the next interest rate increases. If the rhetoric of the Fed's officials is "hawkish", the price of silver is likely to drop.
Support and resistance
On the H4 chart MACD histogram has crossed the signal line, and its volumes are falling. Stochastic lines are directed downwards. Indicators show the priority of sales.
Support levels: 17.70, 17.50, 17.30.
Resistance levels: 17.90, 18.10, 18.40.
Trading tips
The pair may be sold after the price consolidates below 17.70 with targets at 17.50 and 17.30 and stop-loss at 17.80.
Buy positions will become relevant from the level of 17.90 with target at 18.10 and stop-loss at 17.80.
The period of implementation is 1-2 days.
During yesterday's trading the price of silver grew to the level of 17.93 (approaching 6-month maximums) as safe haven assets continued to attract the investors' attention in view of the current issues around North Korea and increased possibility of a nuclear military conflict. Today the market moved a bit back from yesterday's maximums. The prices are still under pressure, as the USA tightened their rhetoric in respond to the missile launch by North Korea.
Today the price of silver may also respond to statements by a few Fed's officials. Traders will be waiting for hints at the terms of the next interest rate increases. If the rhetoric of the Fed's officials is "hawkish", the price of silver is likely to drop.
Support and resistance
On the H4 chart MACD histogram has crossed the signal line, and its volumes are falling. Stochastic lines are directed downwards. Indicators show the priority of sales.
Support levels: 17.70, 17.50, 17.30.
Resistance levels: 17.90, 18.10, 18.40.
Trading tips
The pair may be sold after the price consolidates below 17.70 with targets at 17.50 and 17.30 and stop-loss at 17.80.
Buy positions will become relevant from the level of 17.90 with target at 18.10 and stop-loss at 17.80.
The period of implementation is 1-2 days.