XAGUSD turning top reversal
XAGUSD has been rejected from 28.20 for the third week. We are within a medium-term triangle with well-defined breakout levels. For the clear upside reversal continuation from here, we need to see a price action break above 28. A break and a follow-through below triangle support 25.70 is required for the downside reversal and a long-term support line 22.50 test.
On a daily chart, we can see that the pair is retesting the triangle breakout 26. Look for the short trade entry with the stop loss above 27 and a profit target of 23.50 near-term upon a break below 26. Our trading system is indicating a potential of 200-300 points of profit. The short trade entries invalidation to come only on a clear daily close above 27.50.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts.
