SIlver possible buy set up
Silver is currently in a downtrend, driven by the strength of the U.S. dollar following Fed Chair Powell's speech earlier today. However, as we analyze the chart, we can see that the price is approaching a key diagonal support level. This area has historically shown buyer interest, and I anticipate a potential rebound from this zone.
With the Fed signaling a slower pace of rate cuts in the coming year, the dollar's momentum may be temporary, creating an opportunity for silver to regain strength. This setup presents a favorable risk-to-reward scenario for a buy on XAG/USD, targeting a bounce from the diagonal support while keeping an eye on USD dynamics and upcoming economic data. Monitor closely for confirmation of buyer activity before entering the trade.
With the Fed signaling a slower pace of rate cuts in the coming year, the dollar's momentum may be temporary, creating an opportunity for silver to regain strength. This setup presents a favorable risk-to-reward scenario for a buy on XAG/USD, targeting a bounce from the diagonal support while keeping an eye on USD dynamics and upcoming economic data. Monitor closely for confirmation of buyer activity before entering the trade.
My free signals
t.me/+pknBOliLTkI1Mjk5
Contact me
t.me/Eleazarahmath
Twitter
x.com/Elitepipmaster
t.me/+pknBOliLTkI1Mjk5
Contact me
t.me/Eleazarahmath
x.com/Elitepipmaster
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.