Siver (XAGUSD) has tested upper range of the descending channel for the first time since September 2016. The channel has been valid for 6 month. Silver is currently trending above the dynamic barrier 17.45 and may continue uptrend targeting 17.80 and 18.20 (marked on the chart).
If XAGUSD returns in the channel (we need to see a close below 17.40 for confirmation) it would signal a short opportunity targeting 16.60 (static support). This scenario is possible taking into consideration silver's price action during 22-23 September, when XAGUSD had been trading above the channel range for two consecutive days.
If XAGUSD returns in the channel (we need to see a close below 17.40 for confirmation) it would signal a short opportunity targeting 16.60 (static support). This scenario is possible taking into consideration silver's price action during 22-23 September, when XAGUSD had been trading above the channel range for two consecutive days.
