Chart of the day

XAGUSD after a bounce from the support 22, which represents the fifth wave beginning, is possibly going for a new high of 27.5-28 zone. A break above 25 would mean an extension higher.

We are in the upside five waves and we could see a new high, especially in the case we see a confirmed break above 25. A rejection here would lead to another swing lower to another support of 23.65.

The long trades, you can open only upon a confirmed break above 25. Short trade entries you can open only in the case of a break below 23.50. Look for the low risk to reward long trade entries on bounces from 23.90 or 23.60 if we do not get a break above 25.