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...
I spotted the AB=CD correction pattern on the Silver chart and built out this idea around it. I will post some more images in the comments which give more context, but essentially it seems that we are about to being wave 3 of 3 (a powerful impulse wave) in a bullish wave cycle. This wave cycle seems to be moving away from a long-term low, so could end up...
The above is my non-professional, long term view of gold in logarithmic scale. Given that the metal still seems to be in a phase of indecision, I will have to wait and see how this consolidation resolves before deciding on the likely long-term direction of the gold price.
Long setup for silver with negative news being released earlier today can see the pair break the .618 resistance. Once/if it does expect it too shoot up. Rising wedge put in with all the higher lows, will wait for break and possibly add to position.
Price recently broke out of long tern channel which was soon retested resulting a bounce. Price has stalled at shown level of major resistance a number of times, however higher lows are being put in showing pressure growing. Will enter long once level is broken. Will give good risk to reward too.
Silver waiting on a break out on the hourly frame. Higher time frame has recently broken out of a major trend line (daily) awaiting a bounce. Dollar also at massive level after bullish couple of days. Will take trade after break
XAGUSD has been consistently growing on the Weekly timeframe:
We closed last week with an indecision bar; however, the fundamentals should point higher and the Daily timeframe is still on an upward trend, so this might be a physiological retracement.
Let's see where the 4-hour chart...
Shark printed at 241% extension, now fighting back at 224% also the 50% pullback.
For those who are not inside this one, wait for structure breakout correction before jump in.
AB=CD will be printed above the 38%, and there, one opportunity to close half position size and to move stops to break...