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Short

XAGUSD approaching resistance, potential drop!

OANDA:XAGUSD   Silver / U.S. Dollar
XAGUSD is approaching our first resistance at 15.16 (horizontal pullback resistance, 38.2% fibonacci retracement , 100% fibonacci extension , Elliot wave structure) and a strong drop might occur below this level pushing price down to our major support at 14.69 (38.2% fibonacci retracement , 100% fibonacci extension ).
Stochastic (89,5,3) is also approaching resistance and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.

Comments

1st Resistance......... obliterated. Lets take out resistance #2 now.
Reply
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