$XAG / #Silver, as you remember, I mentioned yesterday that there was a divergence in RSI and the upward momentum was weakening. Also, it had reached a resistance, and combined with the divergence, a decline occurred unfortunately. And it closed below the 83 level we are monitoring.

Currently, the level it is at, 77,926, is the Fibonacci 0.618 support level based on the last upward wave. A rise could occur as a reaction to the decline.
In the upward movement, the 84-86 zone will act as resistance. If it cannot close above the recent high of 89,371 on the 4-hour and daily charts, the decline may continue again.
In the decline, we will follow the support bands of 70 – 69 – 65. Especially the 69–65 zone appears to be important both technically and psychologically because it is a Fibonacci support zone. Buyers may strengthen in this area.
In deep pullbacks, the 60 level on the daily chart is an important support for maintaining the main upward structure. Protecting it increases the likelihood of a new upward move.