Yesterday on COMEX, the price of March 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 tightening in the US in the next year. In addition, the price of silver is pressured by falling 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 , the XAG/USD pair is falling along a 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 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.
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.