XAG/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In the recent weeks Silver has formed an ascending channel pattern. The pattern is a medium sized pattern, which formed as a result of the bullion rebounding against a large scale pattern's lower trend line. The large scale pattern is a descending channel, in which the commodity price has traded since the start of July. In addition, the metal's price has been proven to be affected by the Fibonacci retracement levels, which are measured by connecting the 2016 January low level with the high level achieved in July. The rate is set to surge in accordance with the medium scale pattern. However, on its way northward the commodity price is most likely to be hindered by the 38.20% retracement level, which is located at 16.60.
© Dukascopy Bank SA
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