Current trend

Over the past month, the price of metals, including silver, has skyrocketed.

In mid-November, the instrument rebounded from a key support level and a historic low of 13.90, starting to form an upward trend. In December, the price moved to a narrower range and is traded almost in the lateral trend. The main catalyst for the trend change was the decline in the dollar over the past few weeks so that metals became a "safe haven". Also, USD did not receive sufficient support on the key interest rate raising. This may be related to the slowdown in the US economy.

Today, data on US GDP and orders for durable goods will be published.

Support and resistance

In the medium term, the upward impulse is expected to remain, but before that, one should expect a serious downward correction within the broad upward channel to the levels of 14.50, 14.35. In the future, the price will again form an upward wave and may reach the level of 15.00. If it is broken out, the instrument can continue to grow to April levels of 17.10, 17.30.

Technical indicators on H4 and D1 charts confirm growth forecast: MACD shows growth in the volume of long positions, and Bollinger Bands gradually become upward.

Support levels: 14.60, 14.35, 14.20, 14.05, 13.90.

Resistance levels: 14.70, 14.90, 15.00, 15.30, 15.70, 16.50, 17.10, 17.30, 17.70.

Trading tips

Long positions may be opened from the current level; pending orders can be put from the levels of 14.50, 14.35 with targets at 15.00, 17.10 and stop loss at 14.00.

Spot Silver

BuySellSpread
15.47315.40865

Scenario

TimeframeWeekly
RecommendationsBUY
Entry Point14.62
Take Profit15.00, 17.10
Stop Loss14.40
Support levels13.90, 14.05, 14.20, 14.35, 14.60, 14.70, 14.90, 15.00, 15.30, 15.70, 16.50, 17.10, 17.30, 17.70

Alternative scenario

RecommendationsBUY LIMIT
Entry Point14.50, 14.35
Take Profit15.00, 17.10
Stop Loss14.00
Support levels13.90, 14.05, 14.20, 14.35, 14.60, 14.70, 14.90, 15.00, 15.30, 15.70, 16.50, 17.10, 17.30, 17.70
XAG/USD: general review

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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