XAGUSD price, started a downward movement on October 5th 2022; during which the value of this metal dumped up to 14.7% until October 14th, when the price line reached a support zone. This zone is manifested as a red zone below the price line. As you can see, this area has already been able to pump the price line several times and therefore it is of high value for traders. The red ascending line indicates the trend line on the current bearish trend. Traders can expect an ascending wave in case the price line breaks above this trend line; the entry can be set on the red support zone and the target for the bullish phase can be set on Fibonacci retracement levels which are reflected as horizontal colorful levels.
• The first major resistance level is at $19.93500, followed by other resistance levels, located at 20.78111 and 21.28000.
• There is support at 18.10000 below, there is 17.86155 and 17.57000
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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