Chart of the day

XAGUSD from a technical standpoint, is showing signs of weakness in the middle of the consolidation at 23.50. It is now being rejected from this level. This resistance level is crucial in determining the XAGUSD direction in the medium-term. Breaking above this level could signal an extension higher in the consolidation. A rejection here and a break below 22.60 can lead to a complete reversal to 20.50-21 zone

I see this still as the extension of the short-term and long-term consolidation. We need to see a clear confirmed break above 23.50 in the coming days and weeks to support an extension higher in the long-term consolidation.

Long trades could be opened upon a break above 23.50. Short trades should be opened in the case of a break below 22.50. This is a swing trading consolidation environment so do not use large trading sizes and use close stops.