A decline is likely to continue.

On the 4-hour chart, the price reached the level of 14.85 (50.0% correction) but failed to break it out and has corrected along the 100.0% arc to the level of 14.67 (38.2% correction). The breakdown of this level allows the price to decline further to 14.46 and, possibly, to 14.10. If the price turns up and overcomes the resistance area 14.85-14.97 (corrections for the short-term and medium-term trends 50.0% and 23.6% have concentrated here), the upward movement would continue to the levels of 15.03 and 15.17. On the daily chart, the pair had almost reached the level of 14.97 (23.6% correction) and a correction started, thus, the price may decline to 14.46 and 14.10.

Trading tips

Sell the pair below the level of 14.67 with the target at 14.46 and stop-loss at 14.80.

Alternative scenario

If the level of 14.85 is broken out, buy the pair with targets at 15.03, 15.17 and stop-loss at 14.75.

XAG/USD: Fibonacci analysis

XAG/USD: Fibonacci analysis

The material published on this page is produced by LiteForex and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Follow us in social networks!
Live Chat
Leave feedback