XAG/USD bottoming out - waiting for turn north
Updated
Silver is close to strong support levels of the last few months. Has not bottomed out entirely, which leads us to two possible conclusions:
1. Wedge is tightening for break-out.
2. An anticipatory consolidation before bottoming out and rushing north.
Stochastic is somewhat implying that price momentum has already turned bullish despite two bearish closes last two days. Price-action monday morning will determine what it's intentions are.
Risky move: take position based on action - if bullish, bullish; if bearish, bearish.
Safe move: await close above resistance or at support. A very high probability of profitable trade.
1. Wedge is tightening for break-out.
2. An anticipatory consolidation before bottoming out and rushing north.
Stochastic is somewhat implying that price momentum has already turned bullish despite two bearish closes last two days. Price-action monday morning will determine what it's intentions are.
Risky move: take position based on action - if bullish, bullish; if bearish, bearish.
Safe move: await close above resistance or at support. A very high probability of profitable trade.
Note
Let's see what happens tomorrow. If this settles at around 15.500 to jump up it could be a nice entry point.
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