The pair XAG/USD continues falling and trend reversal is possible only in case of negative data from the US or a new wave of crisis in China or the eurozone.
Today, between 3:15 pm and 8 pm (GMT +3) important publications are out in the US and Canada, which may affect the movement in the pair.
During the week, other important releases from the US are due, such as Retail Sales on Thursday, and Producer Price Index for July and UoM Consumer Sentiment for August on Friday. If positive forecasts are confirmed, the pair continues falling.
Support and resistance
The XAG/USD pair returned to the level of $15.30 per Troy ounce, which is the important support level within the downward trend. The breakout of the level and price consolidation above 15.50 would create prerequisites for a further growth.
OsMA and Stochastic on the 4-hour chart are about to turn up, while on the daily chart they give buy signals.
Support levels: 15.10 (ЕМА200), 14.95 (ЕМА144 on the 4-hour chart), 14.65, 14.40 (year lows).
Resistance levels: 15.50, 16.05 (ЕМА144), 16.45 (ЕМА200 on the daily chart), 16.75 (Fibonacci 23.6%).
Open short positions from the levels of 15.10, 15.30, 15.45 with targets at 14.95, 14.65 and stop-loss at 15.60.
Long positions can be opened after the breakout and consolidation above the level of 15.50 with targets at 16.05, 16.45, 16.75.