• May 18, 2024
  • Trade ideas

XAGUSD: Significant Level

XAGUSD, H1

XAGUSDH1.png

On the H1, XAGUSD, after a rapid rise, is moving in range, and the price is approaching the lower boundary. Indicators are giving thoroughly mixed signals, and there is no clear trend, so two scenarios are possible:

  • If the price breaks below the support at 28.100, Silver selling can be considered with a target of 27.300;
  • Otherwise, a rebound from the support will open the way for a recovery to the resistance at 29.000;

Conclusion

In conclusion, trading CFDs carries inherent risks. Success in this field demands effective risk management. To minimize costly errors and capitalize on trading opportunities, it's crucial to conduct thorough due diligence and manage risks diligently.

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Author: Egor Schmidt