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XAGUSD, Fibonacci Analysis
1/18/2023 2:19 PMXAG/USD, D1
On the daily chart, the price is trying to break above 24.11 for the second month in a row (correction 0.0%), after which the quotes will open the way to the April highs of last year around 26.20. Otherwise, a rollback to 22.61 (correction 23.6%) and 21.70 (correction 38.2%) is possible, while it will have to break through the ascending fan.
Technical indicators show opposite signals, illustrating the uncertainty of the market: Bollinger bands are reversing upwards, Stochastic is reversing downwards, and the MACD histogram is stable in the positive zone.
XAG/USD, W1
On the weekly chart, the price continues to rise for the fifth month in a row from the 18.00 area, and currently, the quotes are breaking through the opposite downwards fan and testing 24.38 (correction 61.8%), the breakdown of which will give prospects for further growth to 25.70. The key "bearish" level is 23.18 (correction 50.0%), and if it breaks down, it will be possible to continue the decline to 21.95 (correction 38.2%).
Technical indicators reflect that the uptrend is continuing: Bollinger bands are reversing upwards, and the MACD histogram is increasing in the positive zone. Stochastic is horizontal in the overbought zone but can leave it, which does not exclude a corrective decline.
Support and resistance
Soon, the continuation of the price growth seems more likely, and if 24.38 (correction 61.8%, W1) is broken, its targets will be 25.70 and 26.20 (highs in April last year). A corrective decline will become possible if 23.18 (correction 50.0%, W1) is broken down to 22.61 (correction 23.6%, D1) or 21.95 (correction 38.2%, W1).
Resistance levels: 24.38, 25.70, 26.20. | Support levels: 23.18, 22.61, 21.95.