XAG/USD: silver prices are consolidating

10 0
Current trend

Silver prices are reducing during today’s morning session after active growth at the end of the previous week when the instrument reached a local maximum since October 16. The reason for the occurrence of the “bullish” dynamics was quite weak positions of the US currency in view of yet another tightening of geopolitical risks. The representatives of North Korea stated they would not start any negotiations with the USA until the latter stop their aggressive policy and joined military training with South Korea.

Dollar is under additional pressure from uncertainties around the US tax reform. As expected, no quick agreement on all issues of the bill has been reached, and the negotiations may drag. On Thursday the House of Representatives approved of a set of tax cuts while the Senate insists on another version of the bill supported by Donald Trump.

Support and resistance

Bollinger Bands in D1 chart show flat dynamics. The price range is slightly widening from above. MACD indicator is growing preserving a quite stable buy signal (the histogram is above the signal line). Stochastic also preserves a stable upward direction but is approaching the level of 80.

Resistance levels: 17.22, 17.34, 17.42, 17.53.

Support levels: 17.10, 17.00, 16.86, 16.74.

Trading tips

Long positions may be opened after the instrument reverses near the level of 17.00 with targets at 17.22, 17.34 and stop-loss at 16.90. The period of implementation is 2-3 days.

A breakdown of the level of 17.00 may be a signal for corrective sales with targets at 16.80, 16.74 and stop-loss at 17.10. The period of implementation is 3-4 days.
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