XAGUSD At the bottom of the 2 year Channel Down

Silver (XAGUSD) has been approaching the bottom of the long-term Channel Down that has been trading in since the February 01 2021 High. This makes it an automatic technical buy targeting first the 1D MA50 (blue trend-line) and the 1D MA200 (orange trend-line) in extension. This is depicted on the 1D RSI as well which is rising after breaking below the 30.00 oversold level.

As long as the bottom (Lower Lows) trend-line holds, the price action is a buy. If it breaks, we may see the price drop as low as the -0.382 Fibonacci extension, which is the symmetrical move that happened during the March 2022 war extreme.

Tradingview link:

https://www.tradingview.com/chart/XAGUSD/DpALmY4f-XAGUSD-At-the-bottom-of-the-2-year-Channel-Down