Silver is trading within the upwards trend. The nearest key support level is 16.79 or 4/8 Murray, in case of a breakdown, the next target will be 16.69.
The tightening of the situation regarding the policy of protectionism between the US and other countries will allow the instrument to grow as a shelter asset along with gold. On the other hand, the tightening of Fed monetary policy affects USD positively, limiting the growth of precious metal. At tomorrow's meeting, another rate increase possibility is very high. In addition, traders wonder how many times monetary policy will be changed. Unemployment level remains low, and the economy continues to grow, which allows Fed to increase interest rates further.
Today, investors are waiting for the key US releases publication: Consumer Price Index and Monthly Budget Statement.
Support and resistance
Stochastic is around 56 points and does not give signals for opening positions.
Resistance levels: 16.89, 17.00.
Support levels: 16.79, 16.66.
Short positions can be opened after a breakdown of the support level of 4/8 or 16.79 with the target at 16.66 and stop loss 16.89.
|Support levels||16.66, 16.79, 16.89, 17.00|
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