XAGUSD Time to turn bearish.
Silver (XAGUSD) almost reached the 25.000 Target that we set almost a month ago (February 15, see chart below) but as it seems to fail to touch the 0.786 Fibonacci level, it is time to take the profit earlier and turn bearish:
At least this is what took place on July 20 2023, a rejection that started wave (e-f) back inside the High Volatility Zone that touched the 1W MA100 (red trend-line). This line has basically made contact with all corrective waves since the long-term Triangle pattern started on May 05 2023.
As a result, taking also into account the 1D RSI which has almost hit the 70.00 overbought barrier like on July 19 2023, we are now bearish and targeting 22.500 (expected contact with the 1W MA100).
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At least this is what took place on July 20 2023, a rejection that started wave (e-f) back inside the High Volatility Zone that touched the 1W MA100 (red trend-line). This line has basically made contact with all corrective waves since the long-term Triangle pattern started on May 05 2023.
As a result, taking also into account the 1D RSI which has almost hit the 70.00 overbought barrier like on July 19 2023, we are now bearish and targeting 22.500 (expected contact with the 1W MA100).
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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