The trend is bearish on XAG/USD pair, 1 hour time frame. As I have suggested, the price of Spot Silver is falling down on a short-term basis after printing a bearish Zig Zag Elliott wave pattern and traders should look for a sell trade. So, all those Forex traders who have followed my Elliott Wave analysis have made the right decision as the price has descended. Strong key resistance level is present at 17.36 price level.
In my judgment, price action in XAG/USD pair is now going to rise up first to print an (x) wave bullish pull back. Next, price is going to fall well below 16.95 price area to print a second bearish leg wave (y). So, I expect a double Zig Zag Elliott wave correction. Based on current Elliott Wave analysis, we are looking for a possible sell trading chance to join the downtrend in the next coming trading hours.
Currently, the price of Spot Silver is going to rise up more to complete wave (x) which offers us a possible sell trade setup. Next, I expect market to resume the down trend. So, a good idea is to wait for the market to first complete the (x) wave bullish leg and then go short. However; if the price of XAG/USD pair breaks above 17.36 important resistance level then down trend is going to end. From this time forward, I may seize the opportunity to stay out of the market and re-assess the XAG/USD pair market movement in one hour time frame.