EDGE Chart of the Day – Silver XAGUSD (January 17th, 2024)

<div><p><div><h2 itemprop="headline">Silver at risk of a long term breakdown. </h2><div><div></div></div></div><br />
<section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>The false breakout in early December 2023, is leading to silver underperforming gold, but more importantly, at risk of a further breakdown. Long term, the silver market looks to be developing a long term triangle consolidation. And the false breakout could lead to a triangle support test near the 21.25 level. A break of the 22.50 intermediate support would open the door for that to happen. The mid December 2023 to present day consolidation has an extension at 21.90 then 21.16 for the 161% “golden Fibonacci” level. A break of 21.16 would be very bearish for the precious metal.</p>
<p><img fetchpriority="high" decoding="async" class="alignnone size-full wp-image-11070" src="https://www.forexanalytix.com/blog/wp-content/uploads/2024/01/XAGUSD_2024-01-17_10-10-59.png" alt="" width="1486" height="827" srcset="https://www.forexanalytix.com/blog/wp-content/uploads/2024/01/XAGUSD_2024-01-17_10-10-59.png 1486w, https://www.forexanalytix.com/blog/wp-content/uploads/2024/01/XAGUSD_2024-01-17_10-10-59-400×223.png 400w, https://www.forexanalytix.com/blog/wp-content/uploads/2024/01/XAGUSD_2024-01-17_10-10-59-800×445.png 800w, https://www.forexanalytix.com/blog/wp-content/uploads/2024/01/XAGUSD_2024-01-17_10-10-59-768×427.png 768w, https://www.forexanalytix.com/blog/wp-content/uploads/2024/01/XAGUSD_2024-01-17_10-10-59-705×392.png 705w, https://www.forexanalytix.com/blog/wp-content/uploads/2024/01/XAGUSD_2024-01-17_10-10-59-450×250.png 450w" sizes="(max-width: 1486px) 100vw, 1486px" /></p>
<p>Blake Morrow</p>
<p>Our EDGE <a href="https://www.forexanalytix.com/blog/category/technical-analysis/chart-of-the-day/">“Chart of the Day”</a> feature highlights standout technical analysis patterns and price moves. This type of analysis could be helpful if you are interested in our Trader Funding Program where you can also join an elite group of traders at Forex Analytix, <a href="https://traderfundingprogram.com/?ref=blake">click here to learn more</a>. Trade our money, take 75% of the gains and none of the risk.</p>
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</div></section></p></div><section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>Blake Morrow</p>
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<p>The post <a href="https://www.forexanalytix.com/blog/chart-of-the-day-jan-17th-2024/">EDGE Chart of the Day – Silver XAGUSD (January 17th, 2024)</a> appeared first on <a href="https://www.forexanalytix.com/blog">ForexAnalytix – Blog</a>.</p>