XAGUSD is testing the channel downside resistance
XAGUSD has been rejected by the uptrend channel upside resistance 28.47. A confirmed break above this level is required for the upside continuation. This level is also a long-term horizontal upside resistance. Also, we could have seen a finish of the 5 waves to the upside which would lead to a downturn and will a strong case for a high probability short trade entry in the case of a confirmed break below 27.34.
Note – look for the short trade entries in the case of a confirmed break below 27.30. Long trade entries have the meaning only in the case of a confirmed break above 28.30
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