XAG/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Silver is rarely discussed in the trade pattern ideas, however, XAG/USD has been moving in a strong downtrend since August 28, when the pair peaked at 25.141. At the moment of writing the pair was fluctuating around 21.810 and according to recent performance, bulls struggle to push the pair above 22.140. Even though aggregate technical indicators are suggesting movement in pattern's resistance direction in the short, we might suggest the medium term outlook is still bearish, as the pair is expected to continue channelling down towards recent low of 20.661. The pattern is just 104 bar long, however, the downtrend lasts for the last 168 bars, indicating strength.
© Dukascopy Bank SA
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