From a technical outlook, XAGUSD is facing a very strong resistance at 17.35 - 17.70 area where XAGUSD found its swing highs on 16 Oct 2017 and 17 November 2017 previously. Therefore, we are watching the chart very closely to see if the price will break above this or it will turn into a triple top formation. In the case of a potential triple top formation, we forecast that XAG USD will potentially test these support areas - 16.30- 16.70. If these levels do not provide the necessary support, XAGUSD may potentially go back to test the recent swing low at 15.60 on 12 December 2017.
We will monitor this instrument closely and will provide you with regular updates.
19 January 2018
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