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MEX_Exchange

Silver hovering right above major support,watch for bearish move

Short
Silver / U.S. Dollar (FX:XAGUSD)  
MEX_Exchange  
FX:XAGUSD   Silver / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns Silver silverlong silvershort XAG USD ( Silver / US Dollar) xagusdlong xagusdshort silveridea xagusdidea xagusdanalysis
77
4
trendanalysis harmonicpatterns chartpattern silver silverlong silvershort xagusd xagusdlong xagusdshort silveridea xagusdidea xagusdanalysis
Sell below 17.34. Stop loss at 17.48. Take profit at 17.11.
Reason for the trading strategy (technically):
Silver is now hovering above 17.34 major support (swing low support, Fibonacci retracement, ascending support) and a clean break of this level would trigger a bearish move to drive price down to at least 17.11 support (Fibonacci retracement, horizontal overlap support).
RSI (34) sees an ascending support line hold price up really well correspondingly. A similar break of this support line would trigger a bearish move downwards.
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