Lackluster Slow-Silver Long . Volumes will pick up.
Updated
https://www.tradingview.com/x/iY4LIhy5/
I think that gold and silver might've found a bottom in their correction.
But really the movement in this buy long in silver is non existent, a similar story with gold. But London and Europe will be opening in the few hours ahead as the Australian session comes to a close, hopefully theres a few silver and gold buyers that can pick up the momentum a bit in this trade.
You would not be alone in thinking that this long trade right now in precious metals could sell-off at anytime and move lower.
Precisely what happened in Bitcoin earlier as it sold. But how quickly all of the Crypto's turned green and it looked like no selling had even occurred. BTCUSD, DOGEUSD and many others looked like they were carrying some overbought weight on their daily's.
Below is the Silver daily chart. Another reason this is so slow in momentum currently is because price on the daily is below all of the key moving averages, 200ema, 50ema and even 21 ema the Silver price is just beneath.
I think that gold and silver might've found a bottom in their correction.
But really the movement in this buy long in silver is non existent, a similar story with gold. But London and Europe will be opening in the few hours ahead as the Australian session comes to a close, hopefully theres a few silver and gold buyers that can pick up the momentum a bit in this trade.
You would not be alone in thinking that this long trade right now in precious metals could sell-off at anytime and move lower.
Precisely what happened in Bitcoin earlier as it sold. But how quickly all of the Crypto's turned green and it looked like no selling had even occurred. BTCUSD, DOGEUSD and many others looked like they were carrying some overbought weight on their daily's.
Below is the Silver daily chart. Another reason this is so slow in momentum currently is because price on the daily is below all of the key moving averages, 200ema, 50ema and even 21 ema the Silver price is just beneath.
Trade active
I would wait for the London session to open in a few hours.
Price is not really going up much anyway, silver price and probably gold price sitting below the main moving averages on the daily chart. If you buy once silver reaches the 50ema on 1HR chart that should be a good entry.
Trade closed: target reached
It fizzled out into a Short.
This is Silver and Gold wanting to go lower. Liquidity etc.
I shorted them several times today. They don't like it. Because they want to keep going lower without having to spend a single cent on a shorter.
I got stacks of margin now. I will make them pay once the gold price does turnaround.
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