Recent reports from the United States clearly show that the economy is showing enough stability in the recovery process. Against the background of strong macroeconomic statistics is insufficient (retail sales showed zero growth against the forecast of + 0.2%, consumer confidence fell to 88.6 while expected to rise to 96.0), the dollar came under pressure, allowing the assets it nominated, demonstrate growth.
It is worth noting that this week there will be several events that could reinforce expectations that the US Federal Reserve would not rush to the beginning of the hike. In particular, the minutes of the last FOMC meeting and data on consumer price index. A further weakening of the dollar opens up the way to silver.
|Silver price chart|
Support and resistance levels
Support 1 17,500
Support 2 17,251
Current price: 17,686
Resistance 1 17,750
Resistance 2 18,000
Silver (XAG/USD) – buy silver – In the breakdown of the resistance level of the price 17,750 buy with the aim to further the level of 18,000 and 18,500. Stop-Loss = 17,500
Warning: Profitability in the past does not mean profitability in the future. Any projections are for informational purposes and do not guarantee the results obtained.