XAG/USD: A decline might resume

February 18, 2016

On the 4-hour chart, the pair is trading near the level of 15.32 (23.6% correction). The price is supported by the 38.2% fan line, directed up, and the level of 15.05 (38.2% correction). If this area is broken down, the price might fall to 14.83 (50.0% correction) and 14.61 (61.8% correction). In case of a breakout of the level of 15.32, a growth would continue to 15.57 and 15.75.

On the daily chart, the price has approached the level of 15.19 (61.8% correction). In case of a breakdown of this level, the price might head to 14.90 (50.0% correction). A rebound from the level of 15.19 would lead to a growth to 15.75.

Trading tips

Sell the pair below the level of 15.19 with targets at 14.90, 14.83 and stop-loss at 15.30.

Alternative scenario

Buy the pair from the level of 15.40 with the target at 15.75 and stop-loss at 15.10.

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