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XAGUSD: Fibonacci Levels Analysis

6/23/2022 2:56 PM

XAG/USD, D1

On the daily chart, the price reversed at 21.95 (correction 23.6%) and continues to decline along the downward "fan," the targets of which may be the levels 20.60 (correction 0.0%) and 18.95 (extension 61.8%). The key "bullish" level is 21.95, supported by the middle line of Bollinger bands, and if it is broken, the asset will rise to 22.80 (correction 38.2%), 23.50 (correction 50.0%), but this option of movement is seen as less likely, as the indicators point to the continuation of the downtrend: Bollinger bands and Stochastic reverse downwards, and the MACD histogram is stable in the negative zone.


XAG/USD, W1

On the weekly chart, the trading instrument overcame 22.30 (correction 38.2%), which allows it to fall to 20.45 (correction 50.0%) and 18.60 (correction 61.8%). In case of a reverse breakout of 22.30, positive dynamics may develop to 23.50 (middle line of Bollinger bands) and 24.60 (correction 23.6%). Technical indicators point to continued decline: Bollinger bands and Stochastic reverse downwards, while the MACD histogram is increasing in the negative zone.


Support and resistance

Soon, a price decline to 20.60 (correction 0.0%, D1), 20.45 (correction 50.0%, W1), 18.95 (extension 61.8%, D1) seems more likely. If 21.95 (extension 23.6%, D1) is broken upwards, the upward dynamics will continue to 22.80 (correction 38.2%, D1) and 23.50 (correction 50.0%, D1, middle line of Bollinger Bands, W1).

Resistance levels: 21.95, 22.80, 23.50.

Support levels: 20.60, 20.45, 18.95.



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