XAG/USD started a bearish trend as the greenback received positive economic data-Philly index (9.7). Silver dropped from yesterday's high of 17.73 to 17.44 (-29 pips), and closed at 17.52. US dollar index rose yesterday and peaked to 98.5%, making it's opponent to look weak. Although silver bounced and made a correction, currently trading 17.52 intraday, still under it's daily pivot at 17.71, XAG/USD is till under pressure by the US dollar.
Trend: Neutral bearish
Key levels to watch: Daily Pp 17.71
First resistance: R1 17.82, R2 18.01, R3 18.18
First support : S1 17.31, S2 17.06, S3 16.77
Remark: The trend in general neutral to bearish, in absence of US economic data today, the trend and price of silver set by traders (selling vs. buying volume). The price is expected to trade between first R1 and S1.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.