Hi Guys,
XAU/USD , silver , looks like it is back in control of buyers after the recent selloff. Much like its counterpart, Gold, Silver has created a double bottom right on the Anchored Vwap from an important low, (made in February). The pullback from its recent high and the double bottom are in the Fib golden zone using recent high and daily support as the high and low and on the demand zone created in May from its last run up. Also it has climbed back over its key moving averages with some strong 4 hour candles once it cleared the 50ma.
Silver is in uptrend now on the 4 hour and a pullback and retest of the demand zone created by clearing the resistance (blue box) and broken down trendline (There is another trendline connecting the very top points on the chart which I think is of more importance than the channel trendline and that upper line will form resistance with the first red shaded resistance zone) could provide a good buy opportunity with nice risk to reward.
Safe Trading all
XAU/USD , silver , looks like it is back in control of buyers after the recent selloff. Much like its counterpart, Gold, Silver has created a double bottom right on the Anchored Vwap from an important low, (made in February). The pullback from its recent high and the double bottom are in the Fib golden zone using recent high and daily support as the high and low and on the demand zone created in May from its last run up. Also it has climbed back over its key moving averages with some strong 4 hour candles once it cleared the 50ma.
Silver is in uptrend now on the 4 hour and a pullback and retest of the demand zone created by clearing the resistance (blue box) and broken down trendline (There is another trendline connecting the very top points on the chart which I think is of more importance than the channel trendline and that upper line will form resistance with the first red shaded resistance zone) could provide a good buy opportunity with nice risk to reward.
Safe Trading all
Note
If we get enough selling pressure around the 31.03 area, price may pull back enough to retest the resistance/ breakout/demand zone. Both Gold and silver make it hard to buy on retests as they seem to just break out and take off coming out of bases.Note
Or 30.74 resistance area
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.
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.