XAG/USD: pair is falling on February 16, 2016

February 16, 2016

Current trend

Yesterday, the price of silver fell to last Thursday’s opening levels, when a new local low since the end of October 2015 was reached. Prices of commodity assets are falling as risk appetite is gradually returning to the market. However, the US Dollar remains under pressure while the upcoming publication of FOMC Minutes, due on Wednesday, might shed light on the timing of future monetary policy tightening in the US.

Support and resistance

Bollinger Bands indicator on the daily chart is directed up. The price range is narrowing down. MACD is falling and keeping a buy signal. Stochastic is approaching the oversold zone suggesting a downward movement might slow down in a while.

The indicators recommend waiting for clearer trading signals.

Support levels: 15.15, 15.07, 14.90, 14.78, 14.63 (5 February low), 14.55, 14.48, 14.40, 14.30.

Resistance levels: 15.25, 15.44, 15.62, 15.84, 16.00 (near 11 February high), 16.10, 16.34 (28 October 2015 high), 16.84.

Trading tips

Long positions can be opened if the price rebounds from the level of 15.10 with targets at 15.50, 15.65 and stop-loss at 14.95. Validity – 1-3 days.

Short positions can be opened if the price breaks down the level of 15.08 with targets at 14.80, 14.60 and stop-loss at 15.15. Validity – 2-4 days.

Publication source
LiteForex information  LiteForex reviews

February 17, 2017
Golds rally may falter
The gold price has racked up its 2nd straight day of gains today on the back of US dollar weakness and doubts over an interest rate hike next month from the US Federal Reserve...
February 16, 2017
Where is black gold heading?
The Euro is slowly going down and this is not brought on by the Eurozone situation. Instead, this is fueled by the U.S. Dollar. Yesterday, Janet Yellen gave a speech in the Senate Banking Committee emphasising the fact that it Is not quite right to use the wait-and-see stance regarding the interest rate hike...
February 14, 2017
Will France exit the euro?
The Euro has come under pressure late in the European session today, after analysts warned of the huge costs that France would face should they decide to ditch the European currency...

Tickmill Rating
XM Rating
EXNESS Rating
OctaFX Rating
Grand Capital Rating
FOREX.com Rating

Binary.com Rating
EZTrader Rating
First Binary Option Service Rating
Binary Brokerz Rating
99Binary Rating
Banc De Binary Rating