XAG/USD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The long lasting ascending channel, which guided the price of silver higher since the start of December has run into a problem. As a result of the commodity price encountering the upper trend line of the long term pattern a descending channel in the matter of a couple weeks pushed the rate lower to the combined support level of the lower trend line of the large scale pattern and the 23.60% Fibonacci retracement level near the 16.95 mark. The narrow ranged channel is about to become obsolete, as the metal seems to be set to fully rebound against the mentioned support cluster. As a result new short term and medium term ascending patterns would reveal themselves in the near future.
© Dukascopy Bank SA
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