XAG/USD approaching support, potential bounce!

XAGUSD is approaching our first support at 14.83 (horizontal pullback support, 61.8% Fibonacci extension , 61.8% retracement , short term ascending line) where a strong bounce might occur to our first resistance at 15.30 (horizontal overlap resistance, 61.8% Fibonacci retracement ). Stochastic is also approaching support where we might see a corresponding bounce in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.

Analysis are provided by InstaForex