XAG/USD Channel Down
The decision to review the situation on the Silver charts was made due to the alternative it possesses to the safe investment of Japanese Yen, Swiss Franc and Gold.
The metal trades simultaneously in three various channels. On a large and medium scale patterns the metal is trading in ascending channel patterns. However, it might be more relative to day traders that the commodity price is descending in channel down pattern in the short term.
By the end of the week the metal’s price should reach the lower trend line of the most dominant channel near the 16.80 level. However, it faces the support of the 100-period SMA before reaching that level.
The metal trades simultaneously in three various channels. On a large and medium scale patterns the metal is trading in ascending channel patterns. However, it might be more relative to day traders that the commodity price is descending in channel down pattern in the short term.
By the end of the week the metal’s price should reach the lower trend line of the most dominant channel near the 16.80 level. However, it faces the support of the 100-period SMA before reaching that level.
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