- XAG/USD bears eye a downside extension, so far so good.
- The price has developed new bearish structure on the hourly and 15 min time frames.
As per the prior analysis, Silver Price Analysis: XAG/USD is correcting but could be headed for fresh low, the bears are taking control as forecasted.
The price has created a fresh 15-min resistance. A downside extension could evolve below it.
”…there are the prospects of a downside extension still for the forthcoming sessions.”
”As noted on the hourly time frame, the correction has met prior hourly support that would be expected to now act as resistance given the confluence of the 50% mean reversion level of the bearish impulse.
A subsequent rejection could lead to a lower low.”
”From a 15-min vantage point, we can see that the price will need to break below the current support structure first which would be expected to act as resistance on a retest.”
Live markets 1-hour & 15-min charts
Bears should have moved stops to entry for a breakeven scenario at this juncture for a free ride to target.
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