XAG/USD: technical analysis

XAG/USD, H4

On the H4 chart, there is a correction of the downtrend. The instrument is trading at the bottom of Bollinger Bands, testing the nearest resistance level of 16.80. The indicator is directed downwards, and the price range has expanded, which indicates the continuation of the downtrend. MACD is keeping a strong sell signal.

XAG/USD, D1

On the D1 chart, the instrument is testing the lower line of Bollinger Bands, which is a key resistance level. The indicator is directed downwards, and the price range has expanded significantly, which indicates the continuation of the "bearish" trend. MACD histogram is in the negative zone keeping the sell signal.

Key levels

Resistance levels: 17.00, 17.16, 17.51, 17.80, 18.10, 18.32, 18.58.

Support levels: 16.80, 16.63, 16.37, 16.05.

Trading tips

Short positions may be opened from the current level with targets at 16.05 and stop loss at 17.10.

Long positions may be opened above 17.05 with target at 17.55 and stop loss at 16.90.

Implementation time: 1-2 days.

Scenario

Timeframe Intraday
Recommendation SELL
Entry Point 16.71
Take Profit 16.05
Stop Loss 17.10
Key Levels 16.05, 16.37, 16.63, 16.80, 17.00, 17.16, 17.51, 17.80, 18.10, 18.32, 18.58

Alternative scenario

Recommendation BUY STOP
Entry Point 17.08
Take Profit 17.55
Stop Loss 16.90
Key Levels 16.05, 16.37, 16.63, 16.80, 17.00, 17.16, 17.51, 17.80, 18.10, 18.32, 18.58