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27.11.202014:17 Forex Analyse & Reviews: Silver Extends Correction!

Exchange Rates 27.11.2020 analysis

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.

  • Silver Trading Conclusion

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.

Uitgevoerd door Ralph Shedler,
Analytische expert
InstaForex Group © 2007-2021
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