LiteForex_Official

XAG/USD: in correction

FX:XAGUSD   Silver/U.S. Dollar
71 0 2
Current trend

Yesterday on COMEX, the price of March futures on silver             fell by 21.6 cents.
The pair remains under pressure amid expectations of an interest rate hike in the US in December this year and a further cycle of gradual monetary policy tightening in the US in the next year. In addition, the price of silver             is pressured by falling commodities and oil             prices.

Due to the absence of important macroeconomic publications today and prior to meetings of the Bank of England and the Swiss NB that are due tomorrow, the pair will continue moving along a sideways channel.

Support and resistance

On the daily chart , the XAG/USD             pair is falling along a descending channel with the lower border below the level of 13.50.
An upward correction in the pair can continue up to the levels of 14.40 (EMA144), 14.50 (EMA200 on the 4-hour chart). At the same time, a breakdown of the level of 14.00 (year lows) will accelerate the fall and sends the price to 12.30, 13.00 (2009 lows).
On the daily and weekly charts, OsMA and Stochastic recommend short positions, while on the 4-hour chart they start turning to purchases indicating that the upward correction can continue.

Support levels: 14.00, 13.80, 13.50.
Resistance levels: 14.40, 14.50, 14.80, 15.30.

Trading tips

Pending sell orders can be placed at the level of 13.95 with targets at 13.50, 13.20 and stop-loss at 14.10.
Pending buy orders can be placed at the level of 14.30 with targets at 14.40, 14.50, 14.75 and stop-loss at 13.95.
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