For Traders

Analytical Reviews

Forecast

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

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

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.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.