I think after a healthy rally we have now hit the EMA200 on the Weekly and are due for a retrace. If we blast through this resistance next stop is in the 20s.
FX:XAGUSD
Obviously a little early for the H&S, but something pulls me to this trade setup, and we just need to wait. (no hurry)
In the meantime, the upward structure was broken, apparently to enter in a corrective movement for a coffee break for the bulls.
*I will be looking to the neck of this eventual structure, and if it is forged, i can place an pending...
Wait for break, we will see some more sideways movement before a clear change in direction. Assuming gold analysis is correct silver will follow a similar path and will fall to Pre-Brexit levels
I like a head and shoulder when it comes after a clear trending price...it clearly does here.An we have divergence on RSI..we also have a resistance area on daily...SHORT!
I am expecting a Drop on H4 Due to Following Reasons
Symetrical Triangle Breakout
Upward Rejection
High Volume
H4 Short Does not Gonna Affect Monthly Silver Gains
Consolidating at this area for a long time
Let us see how this trade goes
Downward movement is just started on daily basis. 14.775 will act as support if this point will break then sellers will get in the market in no time. Also COT report must be tracked this weekend.
silver ? well so expensive right nw . If Im a rich man i would not buy it now .. so just short sell it until hit 14.55. then buy it with cheaper price . Finally sell it around 16.5..
XAGUSD is expected to sink now.
There are many reason why we feel it may sink.
01. It has not sustained quarterly buy level.
02. Pinball in daily Chart.
03. To sink and come near quarterly sell level of 14.12
04. Stoch RSI (3,3,14,Close) clearly states it may sink.
05. RSI(14,CLOSE) Is also of the same view.
06. CCI(20,CLOSE) Is also sinking.
Keeping all...
Let's make a case for getting short here with Silver/Dollar on based on the techicals.
Like most 60 minute traders, I use a 4 hour high time frame for the support/resistance lines to be drawn.
We see a Gartley pattern completion nearing the 14.00 even handle which has acted as previous structure in the past. There's also a 1 to 1 measured move completing in...
