Current trend
Yesterday silver prices grew due to another tightening of the geopolitical situation in the Middle East after USA, France, and the UK have launched 105 missiles to Syria on Saturday. However, by the opening of the US trading session, the investors have shifted their focus on American macroeconomic data, and USD has restored all the loss.
Today the instrument is going up again, supported by moderately optimistic Chinese macroeconomic data releases. The traders will pay attention to US March Industrial Production release at 15:15 (GMT+2). FOMC Member Harker Speech and Fed's Evans Speech can affect the market, too.
Support and resistance
On the daily chart, Bollinger Bands are moderately growing.
Technical indicators support the correctional growth development in the short or very short term.
Resistance levels: 16.62, 16.71, 16.78.
Support levels: 16.51, 16.44, 16.33, 16.27.
Trading tips
Long positions can be opened after the breakout of the level 16.62 with the targets at 16.75 or 16.78 and stop loss 16.55.
Short positions can be opened after the breakdown of the level 16.51 with the target at 16.40 or 16.35. Stop loss is not far as 16.60.
Implementation period: 2–3 days.
Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 16.65
Take Profit 16.75, 16.78
Stop Loss 16.55
Key Levels 16.27, 16.33, 16.44, 16.51, 16.62, 16.71, 16.78
Alternative scenario
Recommendation SELL STOP
Entry Point 16.48
Take Profit 16.40, 16.35
Stop Loss 16.60
Key Levels 16.27, 16.33, 16.44, 16.51, 16.62, 16.71, 16.78
Yesterday silver prices grew due to another tightening of the geopolitical situation in the Middle East after USA, France, and the UK have launched 105 missiles to Syria on Saturday. However, by the opening of the US trading session, the investors have shifted their focus on American macroeconomic data, and USD has restored all the loss.
Today the instrument is going up again, supported by moderately optimistic Chinese macroeconomic data releases. The traders will pay attention to US March Industrial Production release at 15:15 (GMT+2). FOMC Member Harker Speech and Fed's Evans Speech can affect the market, too.
Support and resistance
On the daily chart, Bollinger Bands are moderately growing.
Technical indicators support the correctional growth development in the short or very short term.
Resistance levels: 16.62, 16.71, 16.78.
Support levels: 16.51, 16.44, 16.33, 16.27.
Trading tips
Long positions can be opened after the breakout of the level 16.62 with the targets at 16.75 or 16.78 and stop loss 16.55.
Short positions can be opened after the breakdown of the level 16.51 with the target at 16.40 or 16.35. Stop loss is not far as 16.60.
Implementation period: 2–3 days.
Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 16.65
Take Profit 16.75, 16.78
Stop Loss 16.55
Key Levels 16.27, 16.33, 16.44, 16.51, 16.62, 16.71, 16.78
Alternative scenario
Recommendation SELL STOP
Entry Point 16.48
Take Profit 16.40, 16.35
Stop Loss 16.60
Key Levels 16.27, 16.33, 16.44, 16.51, 16.62, 16.71, 16.78