XAG/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Silver is surging in simultaneously two ascending channels. However, it is also on a larger scale in a descending channel. Due to that the main thing to find out is, when and how the metal will change its course and begin a medium term decline. First of all, by measuring the Fibonacci retracement levels via connecting the March 31 low and 2016 high level, it can be seen that the levels have been dictating the movement of the bullion. The 38.20% level is at 17.24, and crosses the upper large scale trend line on January 24. Secondly, the metal will surge to that level in accordance with the two minor channels. That means that silver is about to lose value first before it will begin the final push, as the bullion is at the short term channel's resistance line.
© Dukascopy Bank SA
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