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

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