For #XAG (Silver), we will be monitoring the resistance at the "blue box" on the daily chart. Specifically, if the price breaks above the blue box located in the 70–71 range and closes there, further upward movement is expected; we can then look toward the 79 and 89 resistance levels.
The potential for an upward move remains as long as the price stays above the 62 level. If it drops below 62, we will monitor lower support levels. A renewed rise is expected if the price finds support during declines.
Looking at the price waves, the downward movements continue to appear as corrections to the overall uptrend.
The potential for an upward move remains as long as the price stays above the 62 level. If it drops below 62, we will monitor lower support levels. A renewed rise is expected if the price finds support during declines.
Looking at the price waves, the downward movements continue to appear as corrections to the overall uptrend.
