Tickmill
Short

XAGUSD reversing nicely, watch for a further drop!

FX:XAGUSD   Silver / U.S. Dollar
XAGUSD is reversing nicely below major resistance at 16.80 ( Fibonacci retracement , horizontal resistance area , Fibonacci extension ) and a strong drop could occur from here pushing price down to 16.58 support ( Fibonacci retracement , horizontal pullback support).

Stochastic (34,5,3) is seeing strong resistance at 92% where a corresponding reaction could occur.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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This analysis is provided as general market commentary and does not constitute investment advice.
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