XAGUSD bounced off its support, potential to rise further

2 mars 2018

XAGUSD has bounced nicely off its support at 16.161 (100% Fibonacci extension, swing low support) where there may be potential for it to rise further to its resistance at 16.976 (100% Fibonacci extension, 50% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal swing high resistance). We have also found a 2nd support at 16.038 (61.8% Fibonacci extension, 78.6% Fibonacci retracement).
Stochastic (89, 5, 3) shows a corresponding bounce off its support at 2.71% where it has potential to rise to its resistance at 97.14%