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    XAG/USD: analysis and forecast on 04.05.2015

    At the beginning of last week, silver sharply went up and consolidated above the level of 16.50, which coincides with Fibonacci retracement of 38.2%, and which is also a strong resistance level. However, on Thursday the price of XAG/USD started to decline, returning to the level of the beginning of the week. Support, which prevented further decline in price, was the level of 16.00 (Fibonacci retracement of 23.6%). Nevertheless, at today’s opening session, silver went up and at is now traded at the level of 16.30.

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