At the beginning of the new Forex trading week, silver prices rose slightly, responding to the worsening prospects for an agreement between the UK and the EU under Brexit.
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15.10.2019 - 09.10.2019
On the 4-hour chart, the price reversed at 1478.50 (correction 23.6%) and was corrected to 1496.50 (correction 50.6%, Bollinger bands’ midline). Its breakout will give the prospect of growth to 1504.60 (correction of 61.8%) and 1515.00 (correction of 76.4%). Otherwise, the decline to 1478.50 (correction 23.6%) and 1462.00 (correction 0.0%) will resume. Technical indicators do not give a clear signal. The MACD histogram is decreasing in the negative zone, Stochastic is pointing upwards. Bollinger Bands are falling. Also, the price is under pressure of a downward fan.
On the H4 chart, the instrument is testing the moving average of Bollinger Bands, which acts as a strong resistance level. The indicator has a lateral direction, and the price range has decreased, which indicates a change in the uptrend to the downtrend as part of the intraday correction. MACD histogram is consolidating near the zero level. Stochastic does not give clear signal for entering the market.
Yesterday, the XAU/USD pair rose slightly, having received support ahead of the publication of the September protocols of the US Federal Reserve and the speech of the head of the Federal Reserve Jerome Powell. As expected, Powell advocated the possibility of new stimulus measures to support the US economy. In particular, it is planned to return to an increase in the Federal Reserve balance sheet again, however, Powell emphasized that this would not be a full-fledged quantitative easing (QE) program.
On the 4-hour chart, an uptrend is forming. The instrument left the sideways corridor formed by the boundaries of Bollinger bands, breaking out its upper border. The price range has expanded, which indicates the likely preservation of upward dynamics in the short term.