XAG/USD: silver resumed growth

September 25, 2015

Current trend

On Thursday, the price of silver significantly grew and returned to the opening levels of the week. A restored demand for commodities was stimulated by poor data from the US that increased anxiety on the market regarding the prospects of the interest rates hike this year.

Durable Goods Orders excluding Transportation for August did not change comparing to the previous month, while experts were predicting a 0.1% growth. At the same time, Durable Goods Orders fell by 2%, against a 2% growth in July.

Support and resistance

Bollinger Bands on the daily chart is moving upward, while the price range is widening from the top. MACD is growing and giving a confident buy signal. Stochastic failed to reach the oversold zone and turned upward.

The indicators recommend long positions.

Support levels: 15.00, 14.77 (23 September lows), 14.63, 14.49, 14.37, 14.20, 14.00 (26 August low), 13.80, 13.50.

Resistance levels: 15.15 (local high), 15.25, 15.41 (18 September high), 15.64 (21 August high), 15.84, 16.00.

Trading tips

Long positions can be opened from the current price with the target at 15.30 and stop-loss at 14.98. Validity – 1-2 days.

Pending sell orders can be placed from the level of 14.75 with the target at 14.63 and stop-loss at 14.90. Validity – 2-3 days.

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