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XAGUSD, Technical Analysis

8/23/2022 11:00 AM

The XAG/USD pair continues its local corrective trend and is now around ​​18.94.

On the daily chart of the asset, the price of the precious metal is declining within the global downward channel with dynamic boundaries at 20.00–16.00. After reaching the resistance line at 20.90, the trading instrument reversed and formed another wave of decline. The target could be the global support level of 16.68.

On the four-hour chart, the downside potential looks quite high, and if the quotes consolidate below the initial trend level of 61.8% on the Fibonacci extension, which coincides with the low of the year at 18.31, there will be no serious support for the price, and the position can be realized.

Technical indicators reversed and gave a sell signal: the range of EMA fluctuations on the Alligator indicator is expanding downwards, and the AO oscillator histogram has formed the first downward bar after moving into the sell zone.

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