Last week the pair fell.
For the last few weeks, silver remains under pressure amid macroeconomic statistics coming out from the US and strengthening US Dollar, which is growing prior to Fed’s December meeting where the regulator might increase its interest rates.
This week attention needs to be paid to Fed’s Yellen speech and data on the US labour market and Unemployment Rate. If data comes out strong, the pair will fall.
Support and resistance
The pair is trading between the levels of 14.37 and 13.90, as it could not consolidate below the level of 14.00 (year lows).
On the daily chart, moving averages with periods 144, 100 and 50 remain above the price and directed down indicating a downward trend in the pair. MACD’s histogram is in the negative zone, ADX is falling while DI lines are directed down, indicating a fall in the price.
Support levels: 13.90 (last week lows), 14.00.
Resistance levels: 14.37 (last week highs), 14.39 (middle MA of Bollinger Bands).
Short positions can be opened from the level of 14.00 with the target at 13.80 and stop-loss at 14.20.
Long positions can be opened from the level of 14.37 with the target at 14.50 and stop-loss at 14.20.