XAG/USD 30M Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Silver entered a neat channel up pattern late December, but is currently losing volatility as highs become lower and more risk shifts to the downside. XAG/USD sketched a motion uncharacteristic for the pattern, which could imply that the pair will either once again attack the upper boundary and then go on to tests of the bottom one or that it is setting the stage for a bearish reversal. We will look for signals at 16.23, the bottom trend-line of the small scale wedge-like formation and then, more importantly, the lower boundary of the channel around 16.15 for signals of future.
© Dukascopy Bank SA
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