XAGUSD is not ready yet to continue higher
XAGUSD is testing a narrow flag downside resistance of 27.30. A confirmed break below this level could lead to a downside reversal and a test of 25.60 lower. A bounce from here will lead us to an upside continuation. The instrument is in the large consolidation long-term triangle with a strong upside resistance of 29.84. Since we have a rejection from the resistance 28.47 it seems that the upside is limited for now.
Note – look for the short trade entries upon a break below 27.30 for a greater profit potential than long trades.
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