XAGUSD: Ascending Channel

XAGUSD, H2

XAGUSD is navigating an ascending channel and facing a 29.70 resistance level. The RSI oscillator breaking the 70 level from above, which potentially signaling a bearish sentiment for the asset.

• If the price surpasses the 29.70 resistance, it will trigger a rise to 30.50 and 261.8 Fibonacci;
• However, if XAGUSD rebounded from the resistance, the corrective decline would drop the asset to 28.80.

Conclusion

In conclusion, trading CFDs carries inherent risks. Success in this field demands effective risk management. To minimize costly errors and capitalize on trading opportunities, it's crucial to conduct thorough due diligence and manage risks diligently.

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