XAG - Price action is good - Tactical Longs are in...
Updated
XAG and XAU price action is good - PM stocks are looking good. Tactical longs are in with tight stops on XAG. Positions should be added on consolidations above resistance levels. Close look at XAU and GDXJ/GDX and XAUXAG to look for confirmation across the board. GDXJ looks promising but positions should not be too big at the moment - patience is required to show proof of concept that the PMs are complete on their correction from 08/20 and the next leg up to new highs is truly under way...
Trade active
Price target was reached - we are now consolidating below 26. This is a critical point for the bulls - we need to get above and hold above 26 - the next few days will see if this happens or not..if it does, then we will head to 29/30.. GDX is above downtrend DXY has rolled over as per out previous post - supportive of the bullish case but we need some more confirmations to be very confident and there remains a downside risk at these levels, so care needs to be taken.Trade active
My somewhat vague trend lines are proving precient - generally the pattern is bullish and there is a possibility XAG is consolidating above the top trend line with similarities to XAUUSD. We hit the 26 target which is clearly the consolidation/turning point level. The price action and pattern support XAU's pattern but we are not there yet and need to see XAU moving through 1800, GDX to bounce off its flag and DXY continuing its down move - cautiously optimistic but need a bit of patience before confidence level gets strong..the stars are aligning but not quite there yet..
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