XAG/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As things stand now, silver is likely to keep losing value. Any near-term rallies are to be limited by the upper boundary of the emerging channel at 14.30, while the key support is at 13.90, represented by the falling support trend-line, Nov low and weekly S1. If this demand level is broken, the next target should be 13.45, namely the weekly S3 and monthly S1. In the meantime, in case the bulls overpower bears at 14.30, we may well see a test of the 200-period SMA at 14.80, though the rate will have to pass through the Nov 26 high and monthly PP first. Another reason to be bearish is a high percentage of long positions—they take up three fourths of the SWFX market.
© Dukascopy Bank SA
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