XAGUSD testing resistance, potential for a drop!

7 Mar 2018

XAGUSD is testing its resistance at 16.949 (100% Fibonacci extension , 50% Fibonacci retracement , 61.8% Fibonacci retracement , horizontal swing high resistance) and could potentially fall to support area between 16.161 (L T 61.8% Fibonacci extension , 100% Fibonacci extension , swing low support) and 16.025 (61.8% Fibonacci extension , 78.6% Fibonacci retracement ). We have also identified a 2nd resistance at 17.101 (61.8% Fibonacci retracement , 76.4% Fibonacci retracement , horizontal pullback resistance).

RSI (55, 5, 3) shows a descending resistance that price is approaching which could lead to a corresponding fall in price.