Since the drop from early March, 
XAGUSD recovered and has been moving upwards since after the sharp fall. Although, while it was performing really good for past 2-3 months, XAGUSD finally hit one of the most anticipated resistance levels after 4 years at the exact month. However, this area most likely behave like a distribution due to various reasons:
1)From monthly perspective, silver hit and retraced from the exact same area for 3 times, since 2014.
2) While price is going upwars with such a great momentum, volume began to shrink and price may fail to hold up.
If volume continues to get lower, traders should expect a retracement to a healthy support level. Since price passed through the previous resistance level, price might want to retest those levels again and might give traders who wanted to buy/longXAGUSD at reasonable levels. In order to maintain it's bullish uptrend, price should hold up and close above 18.73 level. Clear break above of 21.49, might reach to 24, gets declined and then may retrace to 21.49 in order to get support.
Disclaimer:
This is not a financial advice!
All of the above is for the sake of analysis, observation and educational/entertainment purposes only.
XAGUSD recovered and has been moving upwards since after the sharp fall. Although, while it was performing really good for past 2-3 months, XAGUSD finally hit one of the most anticipated resistance levels after 4 years at the exact month. However, this area most likely behave like a distribution due to various reasons:1)From monthly perspective, silver hit and retraced from the exact same area for 3 times, since 2014.
2) While price is going upwars with such a great momentum, volume began to shrink and price may fail to hold up.
If volume continues to get lower, traders should expect a retracement to a healthy support level. Since price passed through the previous resistance level, price might want to retest those levels again and might give traders who wanted to buy/long
XAGUSD at reasonable levels. In order to maintain it's bullish uptrend, price should hold up and close above 18.73 level. Clear break above of 21.49, might reach to 24, gets declined and then may retrace to 21.49 in order to get support.Disclaimer:
This is not a financial advice!
All of the above is for the sake of analysis, observation and educational/entertainment purposes only.
Note
Since area between 21.49 and 22.238 is a resistance zone, price should close above this area in order to maintain it's bullish state. If there is no clear breakout above this zone/area, price will probably get rejected(even leaving a wick behind above the resistance level) and may retrace to 18-19 levels as there are no retests at those levels yet.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.