XAGUSD is approaching our first support at 14.46 (76.4% Fibonacci retracement, 100% Fibonacci extension, horizontal swing low support) where a strong bounce might occur above this level pushing price up to our major resistance at 15.06 (horizontal swing high resistance, 38.2% 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.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.