SILVER Silver (XAG/USD) shows a potential bearish correction setup forming after rejection from the upper resistance channel. Price is currently consolidating below the resistance zone after testing the upper band and is projected to move downward toward the order block and potentially the support trendline.
The chart suggests a bearish move targeting the next level at 32.8153, which aligns with a confluence of support between the lower trendline and the order block zone.
Key Technical Elements:
- Resistance Zone: Price failed to break above33.70, confirming a strong supply area.
- Bearish Projection: Lower highs and consolidation hint at possible downside movement.
- Next Target: 32.8153
- Order Block Trendline Support: Could serve as a bounce zone or continuation support.
Outlook: If price breaks below the intermediate channel support, it may trigger further downside toward32.81. However, watch for reactions around the order block for potential bullish reversals. This setup is ideal for short-term traders monitoring key levels for entry and risk control.
