Silver / XAGUSD got rejected on Friday at the top of the 6 month Channel Down.
Today it is supported by the 1day MA200, which was the Resistance in late September-October. If crossed, we will have a sell confirmation.
The typical decline inside the Channel Down has been within -12.12% and -13.21%.
Also we spotted a fractal during July-October 2022, which is so far similar to today's and targeted Support A.
As a result we have two potential targets.
Sell and target initially 22.000 (Support A). If Support A breaks, you can extend to 21.250 (-12.10% from the top).
Previous chart:
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Today it is supported by the 1day MA200, which was the Resistance in late September-October. If crossed, we will have a sell confirmation.
The typical decline inside the Channel Down has been within -12.12% and -13.21%.
Also we spotted a fractal during July-October 2022, which is so far similar to today's and targeted Support A.
As a result we have two potential targets.
Sell and target initially 22.000 (Support A). If Support A breaks, you can extend to 21.250 (-12.10% from the top).
Previous chart:
Follow us, like the idea and leave a comment below!!
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