SILVER: strong data from the ADP employment in the US may put pressure on the metal

By | September 2, 2015

Silver remains under pressure. On the one hand, the negative trends of the global economy raised concerns reduced demand for the precious metal from the industry. On the other, the white metal is denominated in dollars. Therefore, any data that trigger significant changes in the US currency, can have an impact on silver. Today published a report on private sector employment from ADP. If the report will show strong numbers it will not only support the dollar, but also enhance expectations of Fed rate hike before the end of this year. All this can put pressure on quotations of silver.

Quotations of silver in the area formed a resistance level of 14.680. In the past 3 days quotes metal attempted to pass this barrier, but to no avail. So the next time you rebound from this level and even in the presence of the fundamental bases of the bears can be activated by returning the asset to the area of the recent lows.

silver charts
Silver charts
Trading analytics
SILVER (XAG/USD) – sell silver – Entry price: 14,680. Goal: 14,129. Stop loss: 15,044.
Warning: Profitability in the past does not mean profitability in the future. Any projections are for information only and does not guarantee a result.
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