Current trend

On Tuesday, the XAG/USD pair has strengthened slightly amid a growth of the Asian markets.

Despite China’s GDP data came in below the forecast, ShanghaiComposite grew by almost 3%. Investors take into consideration the Chinese government will have to introduce additional measures to stimulate the country’s economic growth.

Today, attention needs to be paid to US housing market data. In case of favorable statistics, the US Dollar will strengthen; therefore, the XAG/USD pair will come under pressure.

Support and resistance

The XAG/USD pair continues trading in a sideways range. Indicators are giving no clear trading signals. MACD histogram and its signal line are approaching the zero line. RSI remains in the neutral zone.

Support levels: 13.83, 13.63, 13.30.

Resistance levels: 14.20, 14.40, 14.63.

Trading tips

Long positions can be opened from the level of 14.20 with targets at 14.40, 14.63 and stop-loss at 14.10.

Short positions can be opened from the level of 13.80 with targets at 13.63, 13.30 and stop-loss at 13.90.

XAG/USD: analysis and forecast

Materials published on this page are provided by LiteForex for informational purposes only and should not be construed as investment advice or advice for the purposes of 2004/39/EC Directive. In addition, these materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the further distribution of investment research.

Follow us in social networks!
Live Chat
Leave feedback