XAGUSD Buy opportunity on a 1 month horizon.
Silver (XAGUSD) is on the 2nd straight green 1D candle, the strongest two day rally since December 14 2023. The natural technical Resistance is the 1D MA50 (blue trend-line) and if broken and the 1D candle closes above it, we will buy the break-out and target the 0.786 Fibonacci level at 25.000.
This is because based on the 1D RSI, the current Double Bottom rebound is similar to tthe late June - early July 2023 rebound. The RSI supported by a long-term Higher Lows broke above the top of a descending channel. That was an early signal 3 days before the 1D MA50 break-out which formed a peak on the 0.786 Fib on July 20 2023.
Note also how the 1W MA100 (red trend-line) has been an excellent buy level for short-term rebounds.
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This is because based on the 1D RSI, the current Double Bottom rebound is similar to tthe late June - early July 2023 rebound. The RSI supported by a long-term Higher Lows broke above the top of a descending channel. That was an early signal 3 days before the 1D MA50 break-out which formed a peak on the 0.786 Fib on July 20 2023.
Note also how the 1W MA100 (red trend-line) has been an excellent buy level for short-term rebounds.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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