XAGUSD reversed off our first resistance at 14.66 (61.8% Fibonacci extension,78.6% Fibonacci retracement, horizontal pullback resistance) where it could potentially drop to its support at 14.36(horizontal swing low support, 61.8% Fibonacci extension, 78.6% Fibonacci retracement).
Trading CFDs on margin carries high risk.
Losses can exceed the initial...
Nobody or very few people have been looking at Silver. Why? Everybody is distracted by Bitcoin and GBP pairs at the moment.
In the screencast I show that Silver is ripe for a controlled loss. Oops.. nobody wants to hear about losses - right?
I'm stalking this one carefully - having been distracted and missed Palladium.
Silver is pretty cheap at the moment....
Last week was a large range week, in which the market broke below triangle pattern support, and quickly reversed, finishing positive. This is normal. A false break will typically occur in a triangle reaching its apex. It is also possible to interpret this as an Inverse head and shoulders, with a sloping neckline.
Either way, the measured move target for a long...
- The market is sideway
- Triangle pattern
- The price broken bounding, however it is weakness.
- Tendency: Strong downward
- The price is below resistance
--> Waiting pullback--> Give signal--> Sell
In my last post on Silver I wrote that caution was required.
Now we are printing a bullish engulfing for the week - the week isn't over, but if this holds, it portends further upside.
The broadening formation over the last few weeks is bullish.
The weekly Stoch/RSI is in overbought territory, so perhaps some further grinding might be required to create some...