XAGUSD is bouncing off the strong support
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XAGUSD is reversing higher from 17.40 for a possible complete reversal higher. The strong resistance now is 20.25; we need to break above this resistance to continue higher and test 21.60.
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The weekly chart reveals a strong upside bounce from the edge 17.5-18 support zone. The price action formed a descending wedge which is near completion. A break above 20 is required to mark the end of a descending wedge and acceleration higher after.
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On a daily chart, we can see a good RR trade opportunity Already a member? This article is so good, it’s for premium members only.
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