Silver (XAG/USD) close to make a rebound
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Silver has been trading in a strong bearish bias following a test of the resistance level at 17.34. Such move could be taken as a corrective one in favor of the cycle that started in the third week of March. Currently, the price is located around the Fibonacci level of 50% at 16.72, where a lower extension could take the XAG/USD pair to test the 200-hour moving average. Around that area, we’re expecting a rebound that help to boost it towards the -23.6% Fibo level at 17.63.
RSI indicator stays near of the oversold territory, calling for an imminent rebound.
