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2016-08-04 11:53 (GMT+2) Silver
Current trend
The price of silver turned downward amid strengthening in the Dollar, which was supported by upbeat data from the US. The ADP Employment Change for July grew from 172 to 179 thousands while experts expected a decline to 170 thousands. The Markit Services PMI increased from 50.9 to 51.4 points, by 0.4 exceeding forecasts, while the Composite PMI rose from 51.5 to 51.8 points, against a forecasted fall to 51.2 points. The only disappointment was the ISM Non-Manufacturing PMI, which in July fell from 56.5 to 55.5 points while economists predicted a decline to 56.0 points.
The data raises some hopes that the Nonfarm Payrolls will exceed its forecasts as well, which in turn will increase the chances of an interest rate hike before the end of the year.
Support and resistance
Bollinger Bands on the daily chart is moving horizontally while the price range remains unchanged. MACD is falling having formed a quite strong sell signal. Stochastic is falling as well after bouncing off the border of the overbought zone.
The indicators recommend short positions.
Support levels: 20.14 (local low), 19.94, 19.70, 19.51, 19.20 (21 July low), 19.00, 18.75, 18.46, 18.31 (30 June low).
Resistance levels: 20.32 (local high), 20.49, 20.67, 20.77 (2 August high), 21.12 (4 July high).
Trading tips
Long positions can be opened after the breakout of the level of 20.28 (with the appropriate indicators signals) with targets at 20.51, 20.77 and stop-loss at 20.12. Validity – 2-3 days.
Short positions can be opened after the breakdown of the level of 20.00 with targets at 19.85, 19.54 and stop-loss at 20.27. Validity – 2-4 days.
Scenario
Timeframe
Intraday
Recommendation
BUY STOP
Entry Point
20.28
Take Profit
20.51, 20.77
Stop Loss
20.12
Key Levels
19.54, 19.85, 20.00, 20.12, 20.28, 20.51, 20.77
Alternative scenario
Recommendation
SELL STOP
Entry Point
20.00
Take Profit
19.85, 19.54
Stop Loss
20.27
Key Levels
19.54, 19.85, 20.00, 20.12, 20.28, 20.51, 20.77
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YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
Do your own due diligence.
No one knows tomorrow's price or circumstance.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.