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XAG/USD: technical analysis on 20.05.2015

This week, the pair XAG/USD has reached four-month highs at the level of 17.76, later, however the pair was undergoing correction due to positive data on the American real estate market. Today, the price has tested the level of 16.95 (Fibonacci retracement of 50.0%). If this level is broken down the price can continue downward movement to 16.77 (Fibonacci retracement of 61.8%) and 16.55. However, it is likely that the price will reverse and resume upward movement up to 17.35-17.40 (Fibonacci retracement of 23.6% and middle line of Bollinger).

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