XAGUSD peaked and expected to pull-back for the rest of December

Silver (XAGUSD) has hit a peak price amidst the geopolitical unrest this weekend (Red Sea attacks) and this is technically the Higher High of the medium-term Channel Up that started on the September 22 High. The 1D RSI is reversing already and as a target we have two technical candidates.

In the past 7 months we've had 5 major corrections, the minimum being -7.61% and the maximum -13.13%. As a result our target is the minimum projection of -7.61%, aiming for 24.000. However we may even see a technical extension as low as 23.450, which will not only be the bottom of the Channel Up, but also a 1D MA50 test (blue trend-line) but more importantly the 0.618 Fibonacci retracement level, which is where the November 13th Low almost bottomed.

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