During the Asian session, quotes of the XAG/USD pair are actively adding to their value, testing 27.65 for a breakout and updating local highs from April 26. Due to the lack of key macroeconomic statistics and closed European markets on the occasion of national holidays, the instrument is provided with moderate support by technical factors.

The price is in a correction and may grow.

On the daily chart, the third wave of the higher level (3) forms, within which the wave 3 of (3) develops. Now, the entry first wave of the lower level i of 3 has formed, and a local correction is developing as the second wave ii of 3. If the assumption is correct, after the correction the XAG/USD pair will grow to the area of 31.65–35.50. In this scenario, critical stop loss level is 25.00.

This week, the XAG/USD pair tried to break the support level of 26.58 but after the results of yesterday’s the US Fed meeting, the quotes began to rise.