XAG/USD: review and forecast on 16.06.2015

June 16, 2015

Current trend

The pair XAG/USD remains in the descending channel since 19 May and investors can only be attracted to it in the event of market instability and the weakening of the USD. In the near future such event can perhaps be rate hike in the US, however, until then the pair is set to decline.

Today’s news is unlikely to have an impact on precious metals. However, a piece of news that can affect it is the US construction data. Markets expect the number of approved construction permits and the number of new houses to fall, which should lead to a decline in the USD and an increase in precious metals.

Support and resistance

At the moment the nearest support levels are: 15.86 and 15.60.

Resistance levels: 16.25 and 16.45. These are the most frequently recorded levels over the past three months.

Trading tips

Since the beginning of European session the pair has traded at the level of 16.00. It makes sense to open long positions above the level of 16.10 with the target of 16.45. As an alternative scenario it is possible to place pending order to sell at the level of 15.95 with the target of 15.60.     

Publication source
LiteForex information  LiteForex reviews

October 24, 2016
Important economic events for the coming week
Monday, October 24, 2016 - JPY Small Business Confidence (OCT), EUR Markit/BME Germany Manufacturing PMI (OCT P), USD Markit US Manufacturing PMI (OCT P)...
October 21, 2016
US Presidential Election: Final Debate Aftermath
With the dust having settled after Wednesday final US presidential debate of the 2016 campaign between Donald Trump and Hillary Clinton, the results have become rather apparent...
October 20, 2016
Doting on Draghi
The ECB meeting arrives today when EURUSD is testing key levels. The mid-year lows at 1.0952 is perilously close as I write, whilst the post-Brexit referendum low of 1.0913 being in the frame after that. It’s hard to see the ECB adding to its quantitative easing policy...

FIBO Group Rating
Tickmill Rating
OANDA Rating
Fort Financial Services Rating
Orbex Rating
FOREX.com Rating

Binary Brokerz Rating
OptionRally Rating
TropicalTrade Rating
TopOption Rating
Empire Option Rating
Beeoptions Rating