XAG/USD: general review for January 13, 2016

January 13, 2016

Current trend

Today the pair is growing as it correcting up after a significant fall of the beginning of the week. The pair is supported by stock market instability in China. Despite today’s data on Trade Balance in China that showed a growth to 60.8 billion USD, investors have serious worries about the Chinese economy and consider precious metals as the safe-haven assets.

Today attention needs to be paid to data on MBA Mortgage Applications in the US. Growth in the index might support the USD.

Support and resistance

On the 4-hour chart, the pair is trading in the lower Bollinger band. Moving averages with 50, 100 and 144 periods remain above the price and directed down indicating a descending trend in the pair. MACD histogram is in the negative zone while its volumes remain unchanged. ADX indicate a fall in the pair, DI lines cross each other and directed down.

Support levels: 13.73, 13.67 (middle of December lows).

Resistance levels: 13.85, 14.00, 14.11, 14.30.

Trading tips

Long positions can be opened after the breakout of the level of 13.85 with targets at 14.00, 14.11 and stop-loss at 13.75. Validity – 1-2 days.

Short positions can be opened after the breakdown of the level of 13.73 with targets at 13.65, 13.50 and stop-loss at 13.85. Validity – 1-2 days.

Publication source
LiteForex information  LiteForex reviews

December 7, 2016
Oil ma pull back to $40
The oil price fell for the first time in 4 days today as skepticism creeped in over some OPEC member’s commitment to keep to their end of the deal and cut production...
December 6, 2016
Shale sector tries to reap the gains of the OPEC deal
The prices extend gains after OPEC’s output cut deal brings short-term optimism. Forward market shows that the US oil producers are rushing to lock the profit, selling oil contracts for above $50 a barrel at the start of 2018...
December 5, 2016
Crisis Lite
The Italian referendum on constitutional reform saw voters reject the proposals in front of them, in a fairly decisive manner. As such, Italian PM Renzi will tender his resignation today and this became part of the issue...

XTB Rating
EXNESS Rating
 FXTM Rating
HotForex Rating
Larson&Holz IT Ltd Rating
XM Rating

Beeoptions Rating
Grand Option Rating
OptionRally Rating
OptionBit Rating
OptionsXO Rating
Banc De Binary Rating