XAG/USD: general review

Current trend 

Silver continues to trade in an uptrend.

According to CFT, the total number of long positions continues to increase: it reached 54.7 thousand contracts, which indicates strong demand. Silver, like gold, is used by investors as a “safe harbor” to protect capital, and significantly increases its attractiveness during geopolitical instability, as now in Iran.

It is expected that the Fed may delay an increase in the interest rate, which also exerts additional pressure on the US dollar. However, according to officials, the regulator will continue to focus primarily on economic data, and if the labor market continues to show growth, inflation will remain below the target level of 2%.

Today, special attention should be paid to industrial production in the US, where the annual and monthly data will be published.

Support and resistance

Stochastic is at 48 points and does not provide a clear signal for the opening of positions.

Resistance levels: 17.25, 17.55.

Support levels: 17.00, 16.87.

Trading tips

Long positions may be opened after the resistance level of 17.25 is broken through. Take-profit should be placed at 17.55, and the stop-loss at 17.00.

Spot Silver

Buy Sell Spread
17.242 17.179 63


Timeframe Day’s Range
Recommendations BUY STOP
Entry Point 17.27
Take Profit 17.55
Stop Loss 17.00
Support levels 16.87, 17.00, 17.25, 17.55

XAG/USD: general review

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