Silver To Continue Downward
LiteForex Europe | Jun 16, 2015 07:14AM ET
The pair XAG/USD has been in the downward channel since May 19th. Investors’ interest in the pair can be increased only in the event of instability in the market of bonds and stocks, or in case of weakening in the USD. It is also possible that the increase in the interest rates in the USA can act as such a momentum; however, before it happens, the price of the precious metals will continue to drop.
The news scheduled to release today cannot have a strong impact on the precious metals. Probably the only news that has a chance to affect movement of silver is the data on the US construction sector. It is expected that the number of approved construction permits and the number of new houses foundations can fall, which will trigger the decline in the USD and the rise in the price of precious metals.
At the moment the nearest support levels are: 15.86 and 15.60.
Resistance levels: 16.25 and 16.45. These are the most frequently recorded levels over the past three months.
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