December 15th Silver 💡 XAGUSD Latest Intraday Analysis
From the 1-hour timeframe, after the price surged to a peak of 62.757, it quickly retraced, forming a typical high-low reversal pattern. The short-term bullish momentum has clearly weakened, and the need for a technical correction is very prominent. Moreover, as the price has declined from the highs, it has formed a series of bearish candles, indicating that the downward momentum has been sufficiently released, which means that market selling pressure is continuously increasing, and there are signs of a short-term trend switching to bearish. Additionally, there is a willingness to take profits from the previous upward accumulation, compounded by the need for technical correction after a short-term overbought situation. These factors provide a solid technical basis for us to position for a short.
(For reference only)
Silver is heading south in the range of 62.9-63.5
Targeting around 62.0-61.3
