XAG/USD: decline resumed

December 3, 2015

Current trend

The price of silver resumed its active decline on Wednesday, moving back down to the level of $14 per troy ounce. Analysts suggest that the price fell due to recent macroeconomic statistics, released in the US.

In particular, ADP Employment Change indicator grew from 196K to 217K, while analysts expected a decline to 190K. Nonfarm Productivity increased from 1.6% to 2.2% in the third quarter that confirmed the forecast. Moreover, Unit Labor Costs were up from 1.4% to 1.8% in the third quarter against 1.1%.forecast.

Support and resistance

Bollinger Bands indicator on the daily chart is moving moderately down. The price range is widening but remains too narrow for the price dynamics. MACD is declining and giving a sell signal. Stochastic has turned horizontally not far from the border of the oversold zone.

It is recommended to wait for clearer trading signals.

Support levels: 13.90, 13.82 (3 December low), 13.50, 13.00.

Resistance levels: 14.00, 14.17, 14.30, 14.48 (12 November high), 14.63, 14.77, 15.00.

Trading tips

Long positions can be opened if the price turns up at 13.90 and breaks out the level of 14.05 with the target at 14.30 and stop-loss at 13.90. Validity – 2-3 days.

Short positions can be opened after the breakdown of the level of 13.90 with the target at 13.50 and stop-loss at 14.10. Validity – 2-3 days.

Publication source
LiteForex information  LiteForex reviews

January 20, 2017
Cautious EURUSD Ahead of ECB Press Conference
USD, and the US government bond yields, surged last night following Fed president Janet Yellen’s speech to the Commonwealth Club in San Francisco...
January 19, 2017
Is equilibrium out of reach?
Let’s check what’s going on with Oil before turning our attention to the Russian Ruble. “Black gold” is forming a reversal pattern next to the key level of 52.10. The only matter is that this pattern is above the horizontal level, but the 52.10 level can potentially become the neckline of our pattern...
January 18, 2017
Trump Inauguration Market Outlook
Friday, January 20, 2017 will mark the historic inauguration of what promises to be a highly unconventional US presidential administration...

FxPro Rating
Grand Capital Rating
Larson&Holz IT Ltd Rating
Orbex Rating
FXCM Rating
FOREX.com Rating

OptionBit Rating
IQ Option Rating
OptionRally Rating
365BinaryOption Rating
24option Rating
EZTrader Rating