XAG/USD: Analyzing the Corrective Phase within an Ascending StruSilver (XAG/USD) is currently displaying a significant technical pattern on the 15-minute timeframe. After a period of aggressive bullish expansion that saw the price breakout from its previous consolidation, the market has entered a corrective phase. The current price action is characterized by a series of tests against the upper and lower boundaries of a broad ascending channel.
Technical Insights:
Trend Context: The primary trend remains bullish, as evidenced by the series of higher highs and higher lows. However, the recent price action near the 120.251 level indicates that the market is currently in a "Price Discovery" phase, attempting to establish a new base for the next impulsive leg.
Projected Corrective Path: As indicated by the black forecast trajectory, we anticipate a multi-wave corrective sequence. This pattern suggests a "lower high" formation, followed by a decline to test the strength of the previous breakout zone.
Key Support Targets:
Primary Objective: 118.000 - 118.500 – This level represents a major previous resistance area and is now expected to act as a significant foundational support floor.
Secondary Objective: 114.833 – A deeper retracement target that aligns with a historical institutional supply zone that has now flipped into a major support area.
Risk Management: The bullish bias is maintained as long as the price trades above the 114.000 region. A decisive close below this level would signal a potential "Fake-out" and shift the outlook toward a more bearish sentiment.
Trading Strategy: The current approach favors "Buying on Dips." Traders should monitor for bullish price action confirmation, such as a strong rejection wick or an engulfing candle at the 118.000 support level, before targeting a continuation toward the 125.000 psychological mark.
