Current trend

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.

Trading tips

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.

Spot Silver

BuySellSpread
14.3514.28862

Scenario

TimeframeDay's Range
RecommendationsSELL STOP
Entry Point16.75
Take Profit16.66
Stop Loss16.89
Support levels16.66, 16.79, 16.89, 17.00
XAG/USD: general analysis

The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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