XAGUSD Buy this dead-cat bounce.

26 lip

Silver (XAGUSD) remains within the 2-year Channel Up pattern we mentioned on our Aptil 17 analysis (see chart below) that hit our 32.000 Target:

The price is on a 3-week correction, which is technically natural within this pattern. The symmetry with the previous Bearish Leg of the Channel Up suggests that since the price has hit the 0.382 Fibonacci level from the top, it might rebound like the July 17 2023 High pricing on the 0.786 Fib (blue).

As a result, as long as the 1W MA50 (blue trend-line) stays intact, we now turn bullish for the medium-term, targeting 31.000 (just below the 0.786 Fib).

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