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Silver (XAG/USD) could drop deeper after the current sideways movement. Technically, the breakdown through the red uptrend line signaled a downside movement. The price has dropped as much as 24.57 level and now it has developed a minor ascending channel.
The up-channel could represent a downside continuation pattern if the rate drops below the minor red uptrend line, channel's downside line, and under 24.57 former low. XAG/USD is trapped between 24.57 and 25.92 levels, a new lower low, drop under 24.57, suggests selling while jumping above 26.000 represents a buying opportunity.
Sell if the price falls under the 24.50 level. This scenario could lead the rate towards the 23.00 level.
Buying could be suggested by an increase above 26.00 psychological level.
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