XAG/USD 1H Chart: Downside potential

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
 MACD(12;26;9) Buy Buy Sell
 RSI(14) Neutral Neutral Neutral
 Stochastic(5;3;3) Neutral Sell Neutral
 Alligator(13;8;5) Buy Buy Sell
 SAR(0.02;0.2) Sell Buy Sell
 Aggregate

Silver has been depreciating against the US Dollar since the beginning of February when the pair reversed from the upper boundary of the long-term ascending channel at 16.16.  

Currently, the exchange rate is testing the Fibonacci 50.00% retracement at 15.60. If given support level does not hold, it is likely that the pair continues to decline. A possible downside target is the lower channel line located circa 14.90. 

Otherwise, it is expected that a reversal north occurs within following trading sessions. It is likely that the rate re-tests the upper trend boundary located in the 16.30/16.40 range.

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