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XAG/USD: technical analysis

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

On the daily chart , the instrument could not break the upper border of Bollinger Bands and began to fall. The indicator is tending to reverse into flat; the price range stays the same, which reflects the development of the XAG/USD pair’s correction in the short term. MACD is around the maximum of the positive zone, keeping strong buy signal. Stochastic is in the correction near the border of the overbought zone, both lines are pointed downwards; the entry signal is not formed.

XAG/USD , H4

On the 4-hour chart, the instrument is trading within the narrow range with a slight “bearish” slope. Bollinger Bands are reversing sideways, as the price range has narrowed significantly, forming a signal of a reverse of the current trend. MACD histogram is in the positive zone, its volumes are decreasing, and buy signal is still relevant. Stochastic does not give a clear signal to enter the market.

Key levels

Resistance levels: 17.40, 17.53, 17.67, 17.88.

Support levels: 16.50, 16.75, 16.93, 17.15, 17.27.

Trading tips

Long positions can be opened above the level of 17.55 with the targets at 18.00, 18.15 and stop loss 17.30. Implementation period: 1–3 days.

Short positions can be opened below the level of 17.15 with the target at 16.60 and stop loss 17.40. Implementation period: 2–4 days.

Spot Silver

Buy Sell Spread
17.315 17.255 60

Scenario

Timeframe Day's Range
Recommendations BUY STOP
Entry Point 17.57
Take Profit 18.00, 18.15
Stop Loss 17.30
Support levels 16.50, 16.75, 16.93, 17.15, 17.27, 17.40, 17.53, 17.67, 17.88

Alternative scenario

Recommendations SELL STOP
Entry Point 17.13
Take Profit 16.60
Stop Loss 17.40
Support levels 16.50, 16.75, 16.93, 17.15, 17.27, 17.40, 17.53, 17.67, 17.88
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