During the last period of improved trading in the international markets for the sale of precious metals, silver has committed an improbable rally in the period from 16 January to 16 February. The team of analysts and traders in conjunction with the marketing department of the company Trade-24 is to bring to your attention a technical analysis of the pricing policy of the precious metal, as well as the possible causes of changes in value.
Financial experts of our company noted three periods selling “grey metal” within the specified period. In the time from 16th to 27th January 2017 balanced the metal price indices are trying to stabilise between $ 16.873-16.697 per unit. Strong support has determined the drop in speculative commodity value of gold, as well as the main indicators of moderate purchased ability of so-called “neighbouring metal” – platinum and palladium.
The second-period cost of goods identified an average rise in prices. It lasted from 27th January to 6th February. The change of cost expensed by the jump to $ 1.04 per ounce. Market analysts Trade-mark remarkable feature 24 rise in prices due to the increase in silver production in Mexico and Chile, as well as a high volatility in the market due to the increase in “bullish” trend for gold.
The final step is to strengthen the value at $ 18.000 an ounce. It lasted from 6th to 16th February and continued to further hold on the highest point of the range (at the time of writing the material). During this period, the value of the precious metal after a small correction began to rise in price from 17,737 to a level of 18,057 dollars per unit. Now there is a smooth correction at $ 18.030-18.035 per ounce goods.
Market analysts of the Trade-24 company believed that before the beginning of March we should expect two possible scenarios. The first – to stabilise the price of gold to the level of correlation according to the formula $ 18,025 +/- 150-200 points. In the second scenario will occur towards the resistance levels $ 18.150 due to increased support from major traders. The probable scenario of price fall of silver to the degree of assistance up to 17,970 by early March is 38%.