A downward correction can continue.

On the 4-hour chart, the price broke down the level of 14.87 (61.8% Fibonacci correction), but reversed after and is now growing along the 61.8% Fibonacci arc for the short-term trend. The aims of the current growth can become the levels of 15.00 (50.0% Fibonacci), 15.12 (38.2% Fibonacci) and 15.28 (23.6% Fibonacci). The latter is the strongest level since both 23.6% corrections for the short-term and medium-term trends stand here. A downward movement can resume after the price consolidation below the arc and 61.8% Fibonacci correction (14.87). In this case, the pair can fall to the levels of 14.70 and 14.45.

Trading tips

Open long positions from the level of 15.00 with targets at 15.12, 15.28 and stop-loss at 14.85.

Alternative scenario

Sell the pair after the price consolidation below the level of 14.87 with targets at 14.70, 14.45 and stop-loss at 14.95.

XAG/USD: Fibonacci analysis

XAG/USD: Fibonacci analysis

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