Silver has escaped from an up channel signaling a potential deeper drop. As you can see on the H4 chart, XAG/USD is trading far below two downtrend lines, so the outlook is bearish, the price could decline further.
It has recovered a little within the up channel, but its failure to stay inside of this pattern announces a broader corrective phase. The next downside target is seen at the next peak low, lower low could really validate a move towards fresh new lows.
The rate has retested the broken uptrend line confirming the breakdown and a further decline. Still, only a drop under the 22.786 lower low indicates a larger downside movement.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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