Current trend
Silver prices showed growth during trading on Monday moving away fromlocal minimums updated at the end of the previous week. The instrument was supported by growing demand for safe haven assets due to the growth of political instability in the UK and uncertain situation around the draft tax reform in the USA. The US currency is supported by resumed growth of returns on US bonds and expectations of one more increase of the interest rate during the Fed’s December meeting.
Slight reduction of the instrument during today’s morning session due to uncertain macroeconomic statistics from China. The volume of retail sales in October rose by 10.0% YoY after growth by 10.3% last month. The industrial output in October reduced from +6.6% to +6.2% YoY which was 0.1% less that expected by the analysts.
Support and resistance levels
Bollinger Bands in D1 chart show flat dynamics. The price range remains fixed. MACD indicator is forming lines near the zero mark. Stochastic has reversed horizontally near the level of 20.
Resistance levels: 17.00, 17.10, 17.22, 17.35.
Support levels: 16.86, 16.74, 16.63, 16.56.
Trading tips
Long positions may be opened after the breakthrough of the level of 17.00 with target at 17.22 and stop-loss 16.90. The period of implementation is 2-3 days.
A reversal downwards near 17.00 may be a signal for resuming sales with target at 16.74 and stop-loss at 17.10. The period of implementation is 2-3 days.
Silver prices showed growth during trading on Monday moving away fromlocal minimums updated at the end of the previous week. The instrument was supported by growing demand for safe haven assets due to the growth of political instability in the UK and uncertain situation around the draft tax reform in the USA. The US currency is supported by resumed growth of returns on US bonds and expectations of one more increase of the interest rate during the Fed’s December meeting.
Slight reduction of the instrument during today’s morning session due to uncertain macroeconomic statistics from China. The volume of retail sales in October rose by 10.0% YoY after growth by 10.3% last month. The industrial output in October reduced from +6.6% to +6.2% YoY which was 0.1% less that expected by the analysts.
Support and resistance levels
Bollinger Bands in D1 chart show flat dynamics. The price range remains fixed. MACD indicator is forming lines near the zero mark. Stochastic has reversed horizontally near the level of 20.
Resistance levels: 17.00, 17.10, 17.22, 17.35.
Support levels: 16.86, 16.74, 16.63, 16.56.
Trading tips
Long positions may be opened after the breakthrough of the level of 17.00 with target at 17.22 and stop-loss 16.90. The period of implementation is 2-3 days.
A reversal downwards near 17.00 may be a signal for resuming sales with target at 16.74 and stop-loss at 17.10. The period of implementation is 2-3 days.