Silver is approaching strong support, watch for a bounce

XAGUSD is approaching strong support at 16.35 (Fibonacci retracement, Fibonacci extension, horizontal overlap support) and a strong bounce could occur at this level to push price all the way up to our major resistance level at 16.78 once again. It’s important to note that we can see a short term descending resistance line which needs to be broken to open a bigger move up.

Stochastic (34,5,3) is seeing strong support above 4.5% where a corresponding bounce could occur.

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