Technical Analysis

News release for the day:
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XAGUSD is in daily downtrend and whenever price touches the trendline, it seems to have strong reversal to the downside. Price had been trading at this level for the past few days and and fail to breach above the trendline. I'd go into smaller TF and look for selling opportunity.


On 4hr, price had a strong reaction at 61.8% Fib level. It Is also a strong resistance level in confluence with MM3 - Bear's sell zone - another good reason to sell.


On the hourly, price broke the immediate bullish trendline, however, price is still supported on the hourly role reversal area. If and when it breaks below the hourly support, then I'd consider selling this pair, taking the next LH at retest of role reversal area with profit target at MM1

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