XAG/USD 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After reviewing the situation on the chart for Silver, an astonishing discovery has been made. The bullion is still trading in the medium size ascending channel pattern, which was discovered on December 4 by the analytics department of Dukascopy Bank. The metal traded near the upper trend line of the ascending channel for three months until recently the commodity price experienced a massive drop of 4.75%. As during the move the metal reached the lower trend line of the just mentioned channel, the situation provides an opportunity. There are two possible scenarios for traders to watch for. Either a rebound against the trend line will occur, and the price will jump, or, as a result of a passing of the support level, a further fall of the price will occur.
© Dukascopy Bank SA
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