XAG/USD Price Analysis: Technical outlook
Bears gained confidence on Monday after pushing prices below the $27.57 support area. Technical indicators are pointing lower, with the 4h approaching but not yet at oversold levels and price action below the 50 and the 100 SMAS.
Using Elliott wave analysis, the pair seems on the 4th corrective wave of a five-wave bullish cycle. The 38.2% Fibonacci retracement of the mentioned bull run, at $26.85 is a common target for corrections, and close below is the April 5 low, at $26.30.
On the upside, the pair would need to regain the $27.60 previous support level to shift its focus to the $27.95 and Mid-April’s high, at $29.80.
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