XAG/USD: general analysis

FX:XAGUSD   Silver / U.S. Dollar
60 1 3
Current trend

At the end of the previous week, the price of silver             gained support when it became known that British people supported ‘Leave’ camp in Brexit referendum. Market volatility surged, as the result was a kind of surprise.
Since the beginning of this year, the price has increased by about 30%, and the dynamics might continue while investors choose to shift their funds into less risky assets. Moreover, the pair’s growth is supported by the fact that the Federal Reserve still keeps its cautious approach to tightening of monetary policy .

Support and resistance

A triangle pattern has formed on the hourly chart, and long positions can be opened after the price breaks out its upper border.

The nearest support level is at 17.50
The nearest resistance level is at 17.75.

Trading tips

Long positions can be opened from the level of 17.75 with the target at 18.25 and stop-loss at 17.50.
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