From the last week silver from is growing alongside the commodity assets and currencies. It reached its 5 year minimum and began to grow from the zone above the level of 16.00 USD per ounce. On the it’s clear that after the reaching the zone of 15.60-16.00 silver begins to be actively purchased during the year. The reaction of the price to the lower border of the D1 channel (blue) is clear too: the border has been the for the price for more than a year. The strong consolidation of the price above the line can reflect the further growth and the reaching the next levels upwards.
As for the macroeconomic releases, the trader should pay their attention to the USA news.
On 14:30 (GMT+2) the USA Initial Jobless claims data will be published (the index is expected to grow to 240K in a week from 236K in the previous week), Philadelphia Fed Manufacturing Survey (the index is expected to lower to 19.5 points in May from 22.0 points in the previous month). The FOMC Member Mester speech is due at 19:15 (GMT+2).
The further growth of silver is expected in the nearest two days.
Support and resistance
Support levels: 16.80, 16.45, 16.00, 15.60.
Resistance levels: 17.10, 17.35, 17.70, 18.25.
Open long positions at the current price with the target at 17.10, 17.35, stop loss is at 16.50.
Open short positions at the level of 16.80 with the target at 16.00, 15.60, stop loss is at 17.40.
Implementation period: 2-3 days.