Silver / U.S. DollarShort
XAG/USD Quick Short?
Looking at the 45 min timeframe, XAG/USD is currently trading inside an ascending channel which might signal a small reversal in the short-run. Additionally, we can spot a smaller ascending inside the bigger ascending and breaking this smaller channel may push the price towards retesting its beginning at $21.7400 which is going to be our first target for this trade.
Breaking $21.7400 will push the price for further downside towards retesting the beginning of the bigger ascending channel at around $21.3300 which is also the 50% Fibonacci Retracement level.
Not that the $22.3500 zone is a critical zone for Silver, and not breaking above it in the short-run may result in some short-term downward pressure. Goodluck everyone!
M.Y.
Breaking $21.7400 will push the price for further downside towards retesting the beginning of the bigger ascending channel at around $21.3300 which is also the 50% Fibonacci Retracement level.
Not that the $22.3500 zone is a critical zone for Silver, and not breaking above it in the short-run may result in some short-term downward pressure. Goodluck everyone!
M.Y.
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