The price of silver continues falling.
The price remains under pressure amid strengthening US Dollar that was significantly supported after the publication of strong NFPR data in the US that substantially increased chances of an interest rate hike in December.
In addition, commodities prices are pressured by poor macroeconomic data from China, where Exports in October fell from -3.7% to -6.9%, while the Consumer Price Index fell by 0.3% against the previous month. On a year-to-year basis, the index shrank from 1.6% to 1.3% against forecasted 1.5%.
Support and resistance
Bollinger Bands on the daily chart is moving down, while the price range remains wide but tends to narrow from the top. MACD continues falling. Stochastic is in the oversold zone and trying to turn up.
The indicators recommend waiting for clearer trading signals.
Support levels: 14.30 (local low), 14.13, 14.00 (26 August lows), 13.80.
Resistance levels: 14.46 (local high), 14.63, 14.77, 15.00, 15.15, 15.25, 15.38 (beginning of November high), 15.62 (30 October highs).
Long positions can be opened after the breakout of the level of 14.60 with targets at 14.80, 15.00 and stop-loss at 14.40. Validity – 1-2 days.
Short positions can be opened after the breakdown of the level of 14.30 with targets at 14.00, 13.80 and stop-loss at 14.50. Validity – 2-3 days.Publication source