XAGUSD: Critical Resistance

XAGUSD, Daily

On the Daily timeframe, XAGUSD currently navigates within a descending channel and faces the 30.30 resistance aligned with the golden Fibonacci pocket.

The Stochastic oscillator shows overbought conditions, and the RSI crosses the 50-line upwards, giving us a mixed sentiment for the asset:

If the price breaks above the 30.30 resistance, it will open the way to the 32.30 resistance;
However, a rebound from the golden Fibonacci pocket may trigger a decline to 28.80 support.

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Author: Timur Yurdagyul

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