XAG/USD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bearish channel silver is currently trading within is a correctional phase of the recovery from 13.70, which was started in January but took a break after touching 18 dollars in early May. The price of the metal should soon reach a major support area at 15.96/89, where demand is implied by the monthly S1 and a five-month up-trend. Here, the rate is to stabilise and begin a rally that will have a good chance of taking XAG/USD outside the pattern. However, in case support at 15.78/74 is broken, since the bullion is strongly overbought (74% of positions are long), the decline will highly likely extend down to 14.82 dollars, namely the April minimum.
© Dukascopy Bank SA
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