XAG/USD Analysis 10/1/2019 - Bullish
After a sharp sell off, Silver has finally found support near the 50% Fib retracement level. This support was met and held right as the ISM manufacturing data came out today. The data came in at the worst level since 2009, which created a quick bullish rally as this was bad news for the dollar.
In my eyes, with global growth still showing signs of continued weakness and with the recent September sell off, current prices now offer good potential opportunities to scale in to long term positions.
Current Long-Term Bias: Bullish
In my eyes, with global growth still showing signs of continued weakness and with the recent September sell off, current prices now offer good potential opportunities to scale in to long term positions.
Current Long-Term Bias: Bullish
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.