XAG/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Silver is a metal which has not been reviewed for some time. Due to that factor and the latest developments in the metal's movements a review of the commodity price's movements needs to done. First of all the previous ascending channel was broken by the combined effort of the 200-period SMA and 50.00% Fibonacci retracement level near the 17.25 mark on December 14. Secondly, a descending channel formed as a result. However, the channel has already reached the large scale descending channel's lower trend line and rebounded against it. Although, the medium term channel's upper trend line is pressuring the metal lower, the resistance is about to be broken and movement in the larger channel will resume.
© Dukascopy Bank SA
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