XAGUSD reversing nicely, watch for a further drop!

XAGUSD is reversing nicely below major resistance at 16.80 (Fibonacci retracement, horizontal resistance area, Fibonacci extension) and a strong drop could occur from here pushing price down to 16.58 support (Fibonacci retracement, horizontal pullback support).

Stochastic (34,5,3) is seeing strong resistance at 92% where a corresponding reaction could occur.

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