XAGUSD SHORT
XAGUSD SHORT:
The market price is currently at a key horizontal resistance level on the daily chart. This level acted as resistance from December 2022 to February 2023, and later turned into support throughout most of April 2023. However, the market has once again broken below this level, and it has now become resistance for us. Furthermore, there is a candle reaction observed at this resistance level, with a rejected doji candle.
Upon analyzing the hourly chart, a double top pattern is visible at the aforementioned daily resistance level. The neckline of this pattern has been broken below, and we are now awaiting an entry opportunity at the retest of the neckline.
Entry: 24.26
Stop Loss: 25.50
Take Profit: 23.95 and 23.44
The market price is currently at a key horizontal resistance level on the daily chart. This level acted as resistance from December 2022 to February 2023, and later turned into support throughout most of April 2023. However, the market has once again broken below this level, and it has now become resistance for us. Furthermore, there is a candle reaction observed at this resistance level, with a rejected doji candle.
Upon analyzing the hourly chart, a double top pattern is visible at the aforementioned daily resistance level. The neckline of this pattern has been broken below, and we are now awaiting an entry opportunity at the retest of the neckline.
Entry: 24.26
Stop Loss: 25.50
Take Profit: 23.95 and 23.44
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