Outlook in XAGUSD remains on the upside as long as support 15.27/15.89 holds on a daily closing basis , resistance comes at the 16.80 levels , to resume rise from 14.12 levels , 16.80 should be taken out , If seen , focus will be on the 17.12/17.53 levels , a halt is likely , but a break would open 18.00 next , further upside will aim the 18.50 levels.
On the downside , a failure to hold above the 16.80 levels could mean a return to main support at the 15.89/15.27 levels , a halt is likely , but losing this level will reverse risk towards the 14.12 levels even may break lower .
In all , as long as support 15.27/15.89 holds on a daily closing basis , outlook in XAGUSD remains on the upside towards the 18.80 levels ahead of the 17.12/17.53 levels. Below 15.27 will reverse risk towards the 14.12 levels.
In the medium / long term forecast , rise from 14.12 levels should be contained well by the 20.00 levels where fall resumption of the long term down trend is suggested !!! however ; as long as 14.12 holds , further upside should be seen beyond 16.80 levels , below 14.12 will resume the long term bearish trend….