XAG/USD: Growth Slowed
LiteForex Europe | Sep 25, 2016 01:15AM ET
Yesterday the price of silver continued growing after a significant rise the day earlier when the US Fed made its decision on interest rates.
The regulator, according to expectations, left the rate unchanged and noted that the possibility of the next hike before the end of the year remains while arguments in support of monetary policy tightening are strengthening. At the same time, the regulator lowered its forecasts of the number of rate increases for this year from two to one and lowered them for the next two years as well.
The Dollar, meanwhile, was supported by strong data on the US labour market. The number of Initial Jobless Claims fell from 260 thousands to 252 thousands, against a forecasted growth to 262 thousands. Continuous Jobless claims also shrank from 2.149 million to 2.113 million while economists predicted a fall to only 2.143 million.
Bollinger Bands® on the daily chart is moving up while the price range is widening. MACD is growing and giving a quite strong buy signal. Stochastic is in the overbought zone and trying to turn down.
The indicators recommend waiting for clearer trading signals.
Support levels: 19.70 (local low), 19.64, 19.51, 19.27, 19.20 (21 September low), 19.10, 19.00, 18.88, 18.65 (16 September low), 18.47, 18.37 (29 August low).
Resistance levels: 19.85 (local high), 19.94, 20.12 (7 September high), 20.20, 20.32 (10 August high), 20.50 (4 August high).
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