XAGUSD, Weekly
Globally, the asset is trading within an ascending channel. At the moment, the price is testing the upper boundary of this channel and is hovering near its highest levels in a long time.
- If the resistance level at 37.49 is broken and the price breaks out of the channel to the upside, the rally may continue toward 42.45;
- However, if the resistance holds, the price is likely to remain within the channel and decline toward the support level at 34.55.
