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XAG/USD: technical analysis

OANDA:XAGUSD   Silver / U.S. Dollar
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XAG/USD , D1

On the D1 chart, the instrument is trading between the upper and middle lines of Bollinger Bands . MACD histogram is in the positive area and its volume is minimal. Stochastic is near the oversold area, the signal lines are reversing down.

XAG/USD , H4

On the H4 chart, the instrument demonstrates side movement within the narrow corridor formed by the borders of Bollinger Bands . MACD histogram is near the zero level, and its volume is minimal, the signal line moves horizontally, along the zero mark. Stochastic is in the neutral zone, and the signal line of the oscillator is directed upwards.

Key levels

Support levels: 16.35, 16.27, 16.20, 16.10, 16.00.

Resistance levels: 16.41, 16.50, 16.60, 16.67, 16.80, 16.90, 17.00.

Trading tips

According to technical indicators, short positions could be opened from the current level with the target at 16.00 and stop-loss at 16.50.

Long positions may be opened from the level of 16.60 with the target at 17.10 and stop-loss at 16.20.

Implementation period: 3-5 days.

Spot Silver

Buy Sell Spread
16.433 16.375 58

Scenario

Timeframe Day's Range
Recommendations SELL
Entry Point 16.32
Take Profit 16.00
Stop Loss 16.50
Support levels 16.00, 16.10, 16.20, 16.27, 16.35, 16.41, 16.50, 16.60, 16.67, 16.80, 16.90, 17.00

Alternative scenario

Recommendations BUY STOP
Entry Point 16.60
Take Profit 17.10
Stop Loss 16.20
Support levels 16.00, 16.10, 16.20, 16.27, 16.35, 16.41, 16.50, 16.60, 16.67, 16.80, 16.90, 17.00
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