Looking at the chart, XAGUSD has just completed a liquidity sweep above the 58.60 resistance zone before being aggressively rejected back to the downside. The fact that price failed to hold above the breakout level suggests that buying momentum is fading, while sellers continue to defend this area.
What stands out to me is that this rejection occurred right at a resistance zone that has repeatedly triggered strong selling pressure in the past. As long as price remains below this level, the corrective move could extend toward 56.57, with 56.02 as the next downside target.
My preferred approach is to look for short opportunities if price retraces back into the resistance zone and prints a clear bearish rejection signal. The initial target is 56.57, followed by 56.02 if selling pressure remains in control.
On the other hand, if price reclaims the resistance zone and closes decisively above it, this bearish outlook will be invalidated. In that case, I would wait for a new market structure to develop rather than continue favoring short positions.
This analysis reflects my personal view only. Please make your trading decisions based on your own analysis.
Wishing you successful trading!
What stands out to me is that this rejection occurred right at a resistance zone that has repeatedly triggered strong selling pressure in the past. As long as price remains below this level, the corrective move could extend toward 56.57, with 56.02 as the next downside target.
My preferred approach is to look for short opportunities if price retraces back into the resistance zone and prints a clear bearish rejection signal. The initial target is 56.57, followed by 56.02 if selling pressure remains in control.
On the other hand, if price reclaims the resistance zone and closes decisively above it, this bearish outlook will be invalidated. In that case, I would wait for a new market structure to develop rather than continue favoring short positions.
This analysis reflects my personal view only. Please make your trading decisions based on your own analysis.
Wishing you successful trading!
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