XAGUSD, H4
On the H4, XAGUSD broke the 161.8 Fibonacci level, but the price is testing it again, and the MA200 also acts as resistance. The long-term trend is bullish, so two scenarios are possible here.
- If Silver bounces off the resistance at 26.700, it will drop to the support at 25.800;
- However, if the bulls push the price above the resistance while consolidating above the MA200, we can expect a recovery to 27.400;
Conclusion
In conclusion, trading CFDs carries inherent risks. Success in this field demands effective risk management. To minimize costly errors and capitalize on trading opportunities, it's crucial to conduct thorough due diligence and manage risks diligently.
