XAG/USD: silver prices are rising

Current trend
Silver prices rose steadily on Tuesday, October 18, which was the first "bull" session in the last 6 trading days. The reason for the upward momentum were the uncertain position of the US currency, which remains under pressure since the beginning of the week. Despite the fact that on Tuesday the positive data on September’s CPI were published in the United States (the index rose up to 0.3% MoM and 1.5% YoY), however, Core CPI failed to meet analysts' expectations, slowing from 0.3% MoM to 0.1% MoM.
The inflation data were met ambiguously. Some analysts considered them a sign of the stability of the US economy, which, of course, should have a positive impact on the Fed's forecasts for the rise in interest rates before the end of the year. Skeptics, in turn, focused on the weak data on the index excluding food and energy.
Support and resistance
Resistance levels: 17.70 (maximum of October 18), 17.84 (mark of October 5), 18.00, 18.18, 18.47, 18.65, 18.77 (level of October 4), 19.00.
Support levels: 17.50, 17.29 (minimum of October 14), 17.14, 17.00 (mark of June 9).
The indicator "Bollinger Bands" on the daily chart is turning down. The price range is narrowing, reflecting another correction in the short term. It is recommended to stick to channel trading strategy and watch the price testing the average line of the indicator.
MACD indicator is growing, keeping a strong signal to buy (the histogram is above the signal line). It is recommended to keep current long positions and open new ones in the short and very short-term.
Oscillator "Stochastic" is rapidly approaching the border of the overbought area. The indicator is not contrary to the further development of "bullish" trend, however, it points to a very limited capacity of short-term "bull".
Trading tips
To open a long position, you can rely on the breakdown of 17.70-17.84, provided that evidence of technical indicators’ recommendations will remain "bullish". Take-profit - 18.20 or 18.65. Stop-loss - 17.50. Implementation period of 2-3 days.

An alternative could be a reverse at the current price levels. The aim of the “bears” in this case may be a mark in the area 17.00. Stop-loss is should be no further 18.00. Implementation period of 2-3 days.