XAG/USD 4h Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Sell Neutral Sell
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

Silver price continues to fall. However, the medium term descending channel has almost reached the support of a larger ascending channel. These facts combined press the forecasted of an upcoming surge. However, if one takes a look at the Dukascopy online chart available in the Trade Pattern Ideas section, it can be observed that on a massive scale the metal is set to continue the decline, as the most dominant pattern is a descending one. Due to these combined circumstances it is a tricky situation, which needs to be monitored closely. The metal's price will either rebound and surge to the 23.60% Fibonacci retracement level, which is located at the 16.97 mark, or pass the dominant trend's support.

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