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.
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.
|Support levels||16.87, 17.00, 17.25, 17.55|
The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.