Current trend
Silver quotes continue to consolidate and rose to the level of 16.82 within the framework of upward correction but failed tp consolidate above it.
Technical indicators point at the preservation of the upward trend. The volumes of MACD histogram are actively growing in the positive zone. Bollinger Bands slightly diverge signaling about the preservation of the buyers' activity. Breaking out the level of 16.82 will indicate the continuation of growth. In this case the nearest targets of the buyers will be 16.91, 17.03. It will be possible to speak about a downward trend after the price consolidates below the middle line of Bollinger Bands (16.64). In this case the sellers will aim at support levels 16.51, 16.34.
Macroeconomic events that may influence the dynamics of XAG/USD include tomorrow's data from the USA on initial jobless claims and US GDP (14:30 GMT+2).
Support and resistance
Support levels: 16.73, 16.64, 16.51, 16.34.
Resistance levels: 16.82, 16.91, 17.03, 17.17.
Trading tips
Buy positions may be opened above the level of 16.82 with targets at 16.91, 17.03 and stop-loss at 16.74.
Sell positions may be opened below 16.64 with targets at 16.51, 16.34 and stop-loss at 16.72.
Silver quotes continue to consolidate and rose to the level of 16.82 within the framework of upward correction but failed tp consolidate above it.
Technical indicators point at the preservation of the upward trend. The volumes of MACD histogram are actively growing in the positive zone. Bollinger Bands slightly diverge signaling about the preservation of the buyers' activity. Breaking out the level of 16.82 will indicate the continuation of growth. In this case the nearest targets of the buyers will be 16.91, 17.03. It will be possible to speak about a downward trend after the price consolidates below the middle line of Bollinger Bands (16.64). In this case the sellers will aim at support levels 16.51, 16.34.
Macroeconomic events that may influence the dynamics of XAG/USD include tomorrow's data from the USA on initial jobless claims and US GDP (14:30 GMT+2).
Support and resistance
Support levels: 16.73, 16.64, 16.51, 16.34.
Resistance levels: 16.82, 16.91, 17.03, 17.17.
Trading tips
Buy positions may be opened above the level of 16.82 with targets at 16.91, 17.03 and stop-loss at 16.74.
Sell positions may be opened below 16.64 with targets at 16.51, 16.34 and stop-loss at 16.72.