On 1h chart silver is forming bearish pennant, which aligns with S2 monthly support and might result in sudden move from breaking the pennant and going down to 16.20xx-16.34xx area. Usually S2->S3 movements are very rapid.
Why 16.20? because this is October S3 levels. Be careful bulls..
Why 16.20? because this is October S3 levels. Be careful bulls..
Trade active
The move started. SL:17.01710 TP:16.20177Trade closed: stop reached
SL hitNote
If you wonder why silver is not going down from S2 to S3. It is walking comfortably on 250 MA on 12h chart. While will penetrates will short again.Note
XAG is approaching Monthly Support 2. If closes below 16.89 will try short it again.
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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.