| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 25.35 |
| Take Profit | 26.10 |
| Stop Loss | 24.60 |
| Key Levels | 23.40, 24.50, 25.30, 26.10 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 24.45 |
| Take Profit | 23.40 |
| Stop Loss | 25.20 |
| Key Levels | 23.40, 24.50, 25.30, 26.10 |
Current trend
The XAG/USD pair continues its local upward correction, trading at 24.92.
The main news on the precious metals market was the statement by representatives of the BRICS interstate association on the creation and implementation of a single independent currency that correlates with the value of gold. It is expected to be used for settlements between countries, most of which are the world’s largest importers and exporters of natural resources, and will eventually displace the US dollar from its leading position in transactions used in international trade. At the moment, there is an active study and development of mechanisms for the exchange of financial information between the participants of the initiative. The quotes of precious metals reacted to this news with a rapid upward trend: in particular, silver quotes added 8.5%, for the first time since the end of January 2021.
The positive dynamics were accompanied by an increase in the volume of trading in raw materials: according to the reports of the Chicago Mercantile Exchange (CME Group), after falling to 43.430K transactions over the past three trading sessions, the indicator rose to an average value of 99.750K contracts, that is, more than twice. There is also an increased option position, consistently exceeding 12.0K contracts, which may indicate the formation of new positions soon, the implementation of which is already underway.
Support and resistance
On the daily chart, the trading instrument is moving above the resistance line of the local downward channel at 23.00–21.40, rising to the global maximum at 26.10.
Technical indicators reversed upwards: the range of EMA fluctuations on the Alligator indicator expands upwards, and the AO histogram forms corrective bars in the buying zone.
Resistance levels: 25.30, 26.10.
Support levels: 24.50, 23.40.
Trading tips
Long positions may be opened after the price rises and consolidates above 25.30 with the target at 26.10. Stop loss – 24.60. Implementation period: 7 days or more.
Short positions may be opened after the price drops and consolidates below 24.50 with the target at 23.40. Stop loss — 25.20.
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