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Technical Analysis
Video | Market Technical | Solid ECN
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[QUOTE="SOLIDECN, post: 211449, member: 80239"] [HEADING=1][JUSTIFY]XAGUSD - The price resumed growth after a two-month fall[/JUSTIFY][/HEADING] [JUSTIFY]The Caixin July Services PMI in China edged up 1 point to 55.5 points, while the S&P Global July Composite PMI in the US came in above expectations at 47.5 points at 47.7 points, according to the latest data. The indicator in the US services sector in the United States also exceeded the forecast of 47.0 points and amounted to 47.3 points, while the volume of industrial orders for June increased by 2.0% MoM, which is higher than the analysts' forecast of 1.1%, and the previous indicator 1.8%. The economies of the two largest consumers of silver are showing optimistic data, which suggests an increase in demand for the precious metal, which is involved in various production chains. [img]https://i.ibb.co/syp08jN/silver.png[/img] However, the trading instrument is still in a long-term downtrend, and the level of 20.51, tested this week, is a strong resistance level: if market participants hold this level, then the decline is likely to continue with the target at 18.22, and if this level is broken, level up, the price will tend to test the trend line at 22.39. [img]https://i.ibb.co/z7FTKM5/silver-2.png[/img] Last week, the medium-term trend changed to an uptrend, and the quotes broke the target zone of 19.78–19.63. Now the growth target is zone 2 (21.28–21.13), and the key support is shifting to 19.00–18.85, upon reaching which investors will have the opportunity to consider new purchases of XAGUSD. [B]Resistance levels[/B]: 20.51, 22.39 | [B]Support levels[/B]: 18.22, 17.10[/JUSTIFY] [/QUOTE]
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