XAG/USD: pair is falling

November 11, 2015

Current trend

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).

Trading tips

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
LiteForex information  LiteForex reviews

January 23, 2017
The Week ahead: Politics to take center stage
Donald Trump is finally in power, a new era has arrived, and his policy plans in the first couple of weeks will override fundamentals. Markets spent more than two months pricing in growth policies promises, lowers corporate taxes, and deregulations, now it is time to deliver as markets will no more move on words but actions...
January 23, 2017
Dollar opens weak as markets cautious on the new Trump administration
The U.S. dollar continued to extend the declines for what could a third consecutive day. On Friday, Donald Trump took office as the 45th President of the United States...
January 20, 2017
The dollar has settled moderately lower
Asian stock markets were mixed overnight, after U.S. and European shares closed in the red Thursday. Japan and mainland China bourses managed to move higher (Chinese GDP beat expectations at 6.8%)...

XTB Rating
Larson&Holz IT Ltd Rating
EXNESS Rating
NPBFX Rating
Trade360 Rating
HotForex Rating

OptionRally Rating
Binary.com Rating
TropicalTrade Rating
OptionBit Rating
Dragon Options Rating
99Binary Rating