XAG/USD: Will the Rise Continue?
Last week, the price of silver in the pair XAG/USD exceeded resistance level of 15.15 (ЕМА200 and ЕМА50 on the daily chart). Today, the price has consolidated above resistance level of 15.35 (ЕМА50 на недельном графике).
On the daily and 4-hour chart the indicators OsMA and Stochastic give signals to buy. If the price consolidates above resistance level of 16.10 (ЕМА200 on the monthly chart) the price may continue to rise up to 17.80 (ЕМА144 on the monthly chart).
Fundamental factors give ground to implementation of this scenario.
On the monthly chart the indicators OsMA and Stochastic also recommend to open long positions. Otherwise, the price will go back below the level of 15.15 (ЕМА200 on the daily chart), 15.00 (ЕМА144 on the daily chart) and then will drop to the annual low at the levels of 14.00 and 13.65. This scenario will be possible if the US Fed increases interest rates. US Fed representatives have not reached consensus on this issue and it will cause the rise in the price of the precious metals.
Support levels: 15.35, 15.25, 15.15, 15.00 and 14.90.
Resistance levels: 16.00, 16.10, 17.10, 17.80 and 19.00.
Trading tips
Sell Stop: 15.30. Stop-Loss: 15.55. Take-Profit: 15.25, 15.15 15.00 and 14.90.
Buy on the market. Stop-Loss: 15.30. Take-Profit: 15.75, 15.95, 16.10, 16.90, 17.10, 17.80, 18.00 and 19.00.
The material has been provided by LiteForex - Finance Services Company - www.liteforex.com
