On Monday, the price of silver grew slightly, having moved up from its recent lows reached at the end of the previous week. Presently, the price is growing within an upward correction, but analysts keep positive outlook. Negative dynamics in stock markets and not so strong positions of the US currency allow prices of commodity assets to grow.
In particular, Chicago purchasing managers' index was down to 47.6 points in February from 55.6 points, while analysts forecasted a decline to only 53.0 points.
Support and resistance
indicator on the is turning down while the price range is narrowing down again. keeps its strong upward trend. has reached the border of the oversold zone and is trying to turn horizontally.
The indicators recommend waiting for clearer trading signals.
Support levels: 14.78, 14.60 (29 February low), 14.48, 14.40, 14.30, 14.18, 14.00 (22 January low), 13.90.
Resistance levels: 14.92, 15.07, 15.15, 15.29, 15.44, 15.57 (24 February high), 15.84, 16.00, 16.10, 16.34.
Long positions can be opened if the price breaks out the levels of 15.00, 15.07 (with appropriate indicator signals) with targets at 15.44, 15.57, 15.84 and stop-loss at 14.75. Validity – 2-4 days.
Short positions can be opened if the price turns down near the level of 15.00 with the target at 14.60 stop-loss at 15.30, 15.40. Validity – 2-3 days.