I took a long on XAGUSD after the Jerome Powell Speech last Thursday we saw a big boost at the start of the speech but then on the second half of the speech we saw precious metals took a huge dip with JP taking the edge of inflation talks. So I decided to buy the dip but not just because I thought i saw a good price I also saw good TA with the level of support with several touches and being a good pivot point. Also, the 0.618 level lined up with the support which was a good confirmation. I can see sliver hitting the 30$ Mark by the end of the year with interest rates looking to stay around 0 for the remainder of the year and 2021 which leads to people investing their money elsewhere like the precious metals market and the stock market & cryptos. my first take profit target has been hit which is where I took 30% Profit and going to the rest running unless big news comes out which could be risky or dangerous especially on NFP.
Comment:
My Second TP Has Been Hit Taking 50% Profit I Am Going To Leave The Other 20% Running And Looking To Target The $30 Level I Have Now Put My Stop Loss At Break Even Making This A RISK-FREE Trade. We Move On To Finding The Next Trade.