Current trend

On Thursday, silver declined against USD, testing the support level of 15.90. The pair managed to recover to the level of 16.00 due to the release of negative data on the US employment sector: Initial Jobless Claims (June 30) exceeded the forecast and amounted to 231K ones, affecting the dollar negatively, as well as poor ADP Employment Change release.

On Friday, the investors will focus on June US employment market data and the official start of the US-China trade war.

Support and resistance

On the 4-hour chart, the instrument was corrected to the midline of Bollinger bands. MACD histogram is around the zero line, its volumes are minimal, the signal line moves horizontally.

Resistance levels: 16.00, 16.10, 16.20, 16.30, 16.45.

Support levels: 15.90, 15.75, 15.50.

Trading tips

Short positions can be opened from the level of 15.80 with the target at 15.50 and stop loss 15.95.

Long positions can be opened from the level of 16.15 with the target at 16.45 and stop loss 16.00.

Implementation period: 3–5 days.

Spot Silver

BuySellSpread
15.54215.48359

Scenario

TimeframeWeekly
RecommendationsSELL STOP
Entry Point15.80
Take Profit15.50
Stop Loss15.95
Support levels15.50, 15.75, 15.90, 16.00, 16.10, 16.20, 16.30, 16.45

Alternative scenario

RecommendationsBUY STOP
Entry Point16.15
Take Profit16.45
Stop Loss16.00
Support levels15.50, 15.75, 15.90, 16.00, 16.10, 16.20, 16.30, 16.45
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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