On a bigger scale we can see that since 2014, Silver ( XAGUSD ) has been trading within a Channel Down, making sharp Lowers Highs and Lower Lows. The current sequence is similar to the one is 2014. After a Lower High and a secondary Top, the price collapsed to a Lower Low. The rebound that followed (where we are at now) stopped on the 1W MA50 (blue ) which happened to also be near the 0.618 level.
This makes us believe that the top is around the 0.618 Fibonacci and that a new decline may follow for a new Lower Low. We are setting a more reasonable Target Zone though at 11.650 - 12.500.
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