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FXTM
93%
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IronFX
92%
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Libertex
91%
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ETX Capital
90%
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FxPro
88%
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OctaFX
86%
EUR/USD
1.1876
GBP/USD
1.3894
USD/JPY
109.2158
USD/CHF
0.905
USD/CAD
1.2509
EUR/JPY
129.7035

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


16 February 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.

#source

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