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.
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.