7 August, 2015
Silver prices remain near its 5-year lows.
Today, markets are waiting for the data on the NFPR and unemployment level from the US. According to forecasts, the figures should stay at previous levels. However, a stronger data is possible as the yesterday’s release showed the lowest number of Jobless Claims for the last 40 years.
Strong NFRP data would reassure expectations of the interest rates hike in September in the US and strengthen the USD.
Support and resistance
If the price breaks out the upper border of the descending channel, the current trend may reverse.
MACD remains above the signal line, while Stochastic lines are heading upward. The indicators recommend purchases.
Support levels: 14.63 (Asian session low), 14.37 (24 July low), 14.00 (psychologically important level), 13.50 (psychologically important level).
Resistance levels: 14.83 (middle MA of Bollinger Bands), 15.00 (psychologically important level), 15.30 (upper MA of Bollinger Bands).
Open long positions above the level of 14.85 with targets at 15.00, 15.30 and stop-loss at 14.60.
Short positions can be opened after the breakdown of the level of 14.60 with targets at 14.35, 14.00 and stop-loss at 14.75.
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