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Silver Updates by Solid ECN
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[QUOTE="SOLIDECN, post: 209820, member: 80239"] [JUSTIFY][img]https://i.ibb.co/rkMZX2L/6.png[/img][/JUSTIFY] [HEADING=1][JUSTIFY]XAG USD - Fibonacci levels analysis[/JUSTIFY][/HEADING] [JUSTIFY][B]D1[/B] On the daily chart, the price reversed at 21.95 (correction 23.6%) and continues to decline along the downward "fan," the targets of which may be the levels 20.60 (correction 0.0%) and 18.95 (extension 61.8%). The key "bullish" level is 21.95, supported by the middle line of Bollinger bands, and if it is broken, the asset will rise to 22.80 (correction 38.2%), 23.50 (correction 50.0%), but this option of movement is seen as less likely, as the indicators point to the continuation of the downtrend: Bollinger bands and Stochastic reverse downwards, and the MACD histogram is stable in the negative zone. [img]https://i.ibb.co/tJCZSXq/silver-1.png[/img] [B]W1[/B] On the weekly chart, the trading instrument overcame 22.30 (correction 38.2%), which allows it to fall to 20.45 (correction 50.0%) and 18.60 (correction 61.8%). In case of a reverse breakout of 22.30, positive dynamics may develop to 23.50 (middle line of Bollinger bands) and 24.60 (correction 23.6%). Technical indicators point to continued decline: Bollinger bands and Stochastic reverse downwards, while the MACD histogram is increasing in the negative zone. [img]https://i.ibb.co/3z55y2f/silver-2.png[/img] Soon, a price decline to 20.60 (correction 0.0%, D1), 20.45 (correction 50.0%, W1), 18.95 (extension 61.8%, D1) seems more likely. If 21.95 (extension 23.6%, D1) is broken upwards, the upward dynamics will continue to 22.80 (correction 38.2%, D1) and 23.50 (correction 50.0%, D1, middle line of Bollinger Bands, W1). [B]Resistance levels[/B]: 21.95, 22.80, 23.5 | [B]Support levels[/B]: 20.60, 20.45, 18.95.[/JUSTIFY] [/QUOTE]
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