XAGUSD is approaching resistance, potential reversal.

Price is facing bearish pressure from our pivot, which is in line with our graphical pullback resistance and fibonacci confluence levels. We see a medium probability bearish scenario below our pivot at 26.2897, with 1st support at 25.0635 as a possible target. Failure to hold below our pivot would see price swing the other way towards 1st resistance at 27.2861. Stochastic is approaching resistance as well, in line with our bearish bias.

Pivot: 26.2897
Supporting Points:
graphical pullback resistance, -27% and 61.8% fibonacci retracement, 161.8% and 78.6% fibonacci extension level

1st Support: 25.0635
Supporting Points:
Graphical swing low support, 61.8% Fibonacci retracement

1st Resistance: 27.2861
Supporting Points:
graphical swing high resistance, 78.6% Fibonacci retracement
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