Upward movement is possible.

The price chart is testing support level of 15.74 (correction level 0.0%) of the short-term trend. If this level is broken down the price can drop to 15.47 (Fibonacci retracement 100.0% for the medium-term trend) and 15.20. However it is more probable that the price will rebound and went up to 16.50-16.59 and 16.73-16.84. These are the zone of strong resistance, since here Fibonacci retracement levels for the both trends will coincide.

Trading tips

Buy the pair after breakdown and consolidation of the price above the level of 16.20 with the target of 16.80.

Alternative scenario

If the price breaks down the level of 15.74 and consolidates below this level, the pair can go down to the levels of 15.47 and 15.20.

XAG/USD: Fibonacci levels analysis

XAG/USD: Fibonacci levels analysis

 




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