Spot Silver Slows Its Fall
Mayzus | Sep 15, 2016 11:08AM ET
Wednesday's silver price grew slightly amid USD weakening, which remains under pressure due to cautious comments from Fed officials. On Monday, Fed’s Lael Brainard stated that the case for increasing interest rates is less convincing, leading to a significant drop in the probability of an interest-rate hike in September.
In addition, the Dollar was pressured by poor data from the US. The Import Price Index for August fell by 0.2%, against a forecasted decline of 0.1%, while the Export Price Index fell by 0.8% compared to expectations of a 0.1% growth.
Bollinger® Bands on the daily chart are moving up while the price range is narrowing. MACD is falling and giving a sell signal. Stochastic is trying to turn up in the oversold zone.
The indicators recommend waiting for clearer trading signals.
- Support levels: 18.88 (local low), 18.70 (12 September low), 18.47, 18.37 (29 August low), 18.18, 18.00.
- Resistance levels: 19.00 (local high), 19.10 (local high), 19.20, 19.27 (13 September high), 19.51, 19.64, 19.70, 19.85, 19.94, 20.09 (7 September high), 20.20, 20.32.
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