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Silver XAGUSD: Forex Technical Analysis – The demand for silver increased in India

By IFCMarkets

The demand for silver increased in India

Import of silver to India in January-August 2017 increased by 50% compared to the same period of 2016 and amounted to 3,570 tonnes. Will silver prices grow??

In September of this year, the Indian silver imports amounted to 350 tonnes. After the reduction of duties for the first 2 days of October, 250 tonnes were imported to the country. According to the CFTC data, the number of Buy positions for silver increased by 11.7% on US exchanges at the end of September compared to August.


On the daily timeframe, XAGUSD: D1 overcame the resistance line of the downtrend. Further price increase is possible in case of maintaining the high world demand and the presence of global economic and political risks.

The bullish momentum may develop in case XAGUSD exceeds the 200-dayt moving average line at 17.17. This level may serve as an entry point. The initial stop loss may be placed below the Parabolic signal at 16.3. After opening the pending order, we shall move the stop to the next fractal low following the Bollinger and Parabolic signals. Thus, we are changing the potential profit/loss to the breakeven point. More risk-averse traders may switch to the 4-hour chart after the trade and place there a stop loss moving it in the direction of the trade. If the price meets the stop level at 16.3 without reaching the order at 17.17 we recommend cancelling the position: the market sustains internal changes that were not taken into account.

Summary of technical analysis

Position Buy
Buy stop above 17,17
Stop loss below 16,3

Market Analysis provided by IFCMarkets

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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