XAGUSD bouncing off the support line
XAGUSD is bouncing off the support line 24-24.50 zone. A confirmed break above 26 is required for an upside reversal and continuation higher. A rejection here and a break below 24 could lead to a reversal lower. The overall medium-term is uptrend but we need to see a confirmation break above 27.40 for an extension higher. As long as the XAGUSD is above 24.50 there is a high probability that it will have an upside continuation.
Note – We are inclined to long trade entries with the stop loss below 24.
If you want to learn trading analysis and how to get to key trading levels like in this article register for Private Live mentoring with your trading evaluation.