XAG/USD Rejection Looming at Key Resistance – Bearish Reversal

🔍 Chart Analysis – XAG/USD
1. Trend & EMAs:

The chart shows two key exponential moving averages:

📈 EMA 50 (Red): 33.1940

📉 EMA 200 (Blue): 32.8684

Price is currently above both EMAs, indicating a short-term bullish trend, but a possible bearish rejection is forming near resistance.

2. Key Zones:

🟥 Resistance Zone: 33.45 – 33.60

Price has repeatedly tested this zone and reversed, suggesting strong selling pressure.

Multiple wicks into this zone show buyer exhaustion.

🟩 Support Zone: 32.60 – 32.85

Strong demand observed here with consistent bounces.

The EMA 200 also aligns with this support, reinforcing its strength.

3. Price Behavior & Pattern:

🧱 Repetitive Bearish Drops: Marked by blue rectangles, suggesting a pattern of sharp sell-offs after touching resistance.

🔁 Potential Double Top Pattern forming near the resistance zone, a classic bearish reversal signal.

🧭 The projected path suggests:

A short-term retest of the resistance.

Followed by a pullback toward the support zone around 32.60.

Breakdown below support could open further downside potential.

📌 Summary:
⚠️ Short-Term Outlook: Bearish bias if resistance holds.

📍 Key Level to Watch: 33.60 (breakout) and 32.60 (breakdown).

🔄 Trade Plan:

Consider short entries near 33.45–33.60 resistance zone with stops above 33.65.

Target around 32.65–32.60 support zone.

📊 Indicators in Play:

EMA confluence supports trend analysis.

Price structure and rejection patterns suggest likely mean reversion to support.