Chart of the day

Where do we stand fundamentally?

XAGUSD is not still in the new bull phase like XAUUSD as it is still consolidating around an important 30-31 zone. We need to see a break above this zone for a continuation higher.

XAGUSD is going for a test of 31 level of an upside resistance for a continuation higher in a third upside wave to reach 34 and higher. A support for this move is 27.50.

An invalidation level of a third wave long-term extension higher and a bullish cycle is 23.70. As said this extension higher could lead to 34 target in the medium-term to long-term if we get a confirmed break above 31.

_{Try a long trade entry with a stop loss below 28.50 to target 33 and higher.}