XAGUSD: Buying silver now seems smart
Updated
Although we have a considerable amount of longs still, the technicals suggest going long silver is a smart thing to do.
I like the idea of buying until it takes off...follow the indications on chart.
The correction has matched the previous one, price range wise, but the timing doesn't match. We can estimate a target based on the previous rally, and on time at mode signals, and I think 23.25 is in the cards, if not higher on a very climactic blow off top (if and when we hit the monthly downtrend mode at around 30-33)
Good luck!
Ivan Labrie.
PS: Yes, I'm short
PAAS, covered half at 19.825, from 21 give or take, with stop at 21.60. I see it as a good hold, while we try to long SLV or XAGUSD, or Silver futures. Risk 0.5% on each entry.
I like the idea of buying until it takes off...follow the indications on chart.
The correction has matched the previous one, price range wise, but the timing doesn't match. We can estimate a target based on the previous rally, and on time at mode signals, and I think 23.25 is in the cards, if not higher on a very climactic blow off top (if and when we hit the monthly downtrend mode at around 30-33)
Good luck!
Ivan Labrie.
PS: Yes, I'm short
PAAS, covered half at 19.825, from 21 give or take, with stop at 21.60. I see it as a good hold, while we try to long SLV or XAGUSD, or Silver futures. Risk 0.5% on each entry.Note
I'm holding longs via SLV calls and spreads, and a CFD / futures position. Stop loss wasn't hit, so I'll give it a chance. The position is in minimal loss and the day closed up, which I see as a sign of strength for silver here.Note
Holding for more upside.Note
Booked and reentered near the lows. See new post.
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