XAGUSD (Silver) – Limited upside with the AB=CD target at $15.70

Ian Coleman FXStreet

Technical

Weekly: Remains contained within a bearish channel formation. The Ichimoku cloud has capped gains and a shooting star candle has been posted, negative for sentiment.

Daily: A bearish evening star has formed after a rejection from the previous swing high ($16.19). Selling has continued from the 61.8% Fibonacci retracement level of $16.00 (17.32-13.87). We are now trading inside the Ichimoku cloud and expect volatile price action.

Daily (2): A full AB=CD corrective formation would take the commodity to $15.70. Bespoke resistance is located at $15.60. Although the long-term picture is mixed, we look for at least a larger correction to the downside.

We look to sell at $15.60

Stop: $16.00

Targets:$14.90 and $13.85

Author

Ian Coleman

FXStreet

Ian started his financial career at the age of 18 working as a Junior Swiss Broker at Godsell Astley and Pearce (London). He quickly moved through the ranks and was Desk Manager at RP Martins at the age of 29.

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