Silver- will history repeat itself?
As I said, before, I usually use XagUsd as a leading indicator for Gold, and more often than not, this is the case.
Also recently, although XauUsd made a new low, XagUsd stopped its descent and reversed and on Monday the reversal was very strong, with the price slightly getting back above both the ascending trend line and the horizontal level followed by a clear up break the next day(yesterday)
If we look back at March, we could see a similar pattern, we a double false break and strong reversal.
With a renewed appetite for precious metals, we can expect price action to act in a similar way.
Technically speaking, a false break leads to reversal, and also, the recent bottom is marked by a lot of reversal candles and candle formations.
23.25 is strong confluence support and considering a trade in that zone with a target in the next important resistance a trade with a 1:4 risk: reward could be achieved
Also recently, although XauUsd made a new low, XagUsd stopped its descent and reversed and on Monday the reversal was very strong, with the price slightly getting back above both the ascending trend line and the horizontal level followed by a clear up break the next day(yesterday)
If we look back at March, we could see a similar pattern, we a double false break and strong reversal.
With a renewed appetite for precious metals, we can expect price action to act in a similar way.
Technically speaking, a false break leads to reversal, and also, the recent bottom is marked by a lot of reversal candles and candle formations.
23.25 is strong confluence support and considering a trade in that zone with a target in the next important resistance a trade with a 1:4 risk: reward could be achieved
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
🌟 Bust your trading with 50% deposit bonus:
secure.m4markets.com/links/go/5426
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
🌟 Bust your trading with 50% deposit bonus:
secure.m4markets.com/links/go/5426
Related publications
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.