XAGUSD is retesting the broken downside resistance
XAGUSD is in the consolidation just below the broken downside resistance line 27.500. The pair is retesting the downside resistance line 27.500. For an upside reversal and higher probability long trade entries, we need to see a break above 29.80. XAGUSD reached 29.800 after the breakout above the long-term upside resistance 20.600 and is pulled back. The overall long-term is a downtrend now and a confirmed break below 20.600 will lead to an extended continuation lower.
Note – We are inclined to short trade entries with the stop loss above 28 and preferably upon persistent rejection from 27.600
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