Tickmill
Long

Silver testing major support, potential for a bounce!

FX:XAGUSD   Silver / U.S. Dollar
XAGUSD is testing major support at 16.36 ( Fibonacci retracement , horizontal swing low support) and a potential bounce could occur at this level to push price up to 16.71 resistance ( Fibonacci retracement , horizontal swing high resistance, Fibonacci extension ).

Stochastic (34,5,3) is also seeing major support above 4.3% where a corresponding bounce could occur to push price up.

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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