XAG/USD: pair grew

January 14, 2016

Current trend

Yesterday the price of silver significantly grew. The pair was supported by strong data on Chinese Trade Balance that managed to stabilise Asian markets a little. Exports from China shrank by 1.4%, while economists predicted an 8.0% fall. At the same time, imports declined by 7.6%, against a forecasted fall of 11.5%. These dynamics lead to a substantial increase in trade balance surplus that in December amounted to 60.9 billion US Dollars, while experts expected a fall to 53 billion USD.

Support and resistance

Bollinger Bands on the daily chart is moving horizontally while the price range is narrowing. MACD is growing and giving a quite strong buy signal. Stochastic is also growing remaining near the middle of its range.

The indicators recommend waiting for clearer trading signals.

Support levels: 14.00 (psychologically important level), 13.90, 13.83, 13.73 (12 January low), 13.63 (14 December low).

Resistance levels: 14.18 (local high), 14.30, 14.40 (28 December high), 14.48, 14.63 (7 December high), 14.77 (beginning of November high).

Trading tips

Long positions can be opened after the breakout of the level of 14.18 with targets at 14.30, 14.50 and stop-loss at 14.00. Validity – 2-3 days.

Short positions can be opened after the breakdown of the level of 14.00 with targets at 13.90, 13.75 and stop-loss at 14.15. Validity – 1-3 days.

Publication source
LiteForex information  LiteForex reviews

February 22, 2017
Crude oil look set to resume bullish trend
Oil prices have been coiling for several weeks now with both contracts spending most of their time in a tight four dollar range...
February 22, 2017
Investors are questioning the stability of EU, should you?
The US radiant future under the Trumpnomics remains a hot topic for speculation, propelling the greenbacks demand. More and more investors are trying to hop on the Dollars gravy train, as caution is lowered...
February 22, 2017
Brent remained strongly bid
Sustained break above the 57.50 region is seen as minimum requirement needed to confirm bullish resumption. Once we break above the 57.50 hurdle, we think that the 58.50 level will be next. Meanwhile, we do not exclude a minor correction towards 56.50 dollars per barrel...

FOREX.com Rating
NPBFX Rating
Orbex Rating
FIBO Group Rating
EXNESS Rating
Grand Capital Rating

99Binary Rating
First Binary Option Service Rating
Migesco Rating
OptionBit Rating
UKoptions Rating
EZTrader Rating