XAG/USD 4H Chart: Ascending Channel

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
As previously analyzed and forecasted silver has broken out of a triangle pattern, which it formed while simultaneously being in and large scale descending channel and on a medium term in an ascending channel. The break out has occurred and the metal continues its path northward in the ascending channel to the large scale pattern's upper trend line. However, most recently it has struggled due to precious metals being affected by US politics. Although, that has not broken the pattern, just forced it to retest its borders. In addition, the XAG/USD pair is affected by the Fibonacci retracements, which connect the July high and October low levels. Most recently the rate has been in limbo around the 38.20% retracement level, which hinders the set course of the bullion.
© Dukascopy Bank SA
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