Silver - Is it finally time?
Updated
Why go long?
- Right at red uptrend
- Gold closed gap today 1867
- Dollar looks like its topping out (11 green weeks in a row! - time to be contrarian), rates likely to top soon too
- Area around 200 Week MA 22,57 has been proven support many times
- In the last few years espacilly good visible in 2021 there was always quarter end selling in september followed by at least a bounce in the coming month
- Physical market is still in deficit
- CoT once again looks good, probably even better after the last few selling days
So, is it finally time to break this yellow down trend and run?
Taking ~2% risk, daily close below 22,11 and I´m out
- Right at red uptrend
- Gold closed gap today 1867
- Dollar looks like its topping out (11 green weeks in a row! - time to be contrarian), rates likely to top soon too
- Area around 200 Week MA 22,57 has been proven support many times
- In the last few years espacilly good visible in 2021 there was always quarter end selling in september followed by at least a bounce in the coming month
- Physical market is still in deficit
- CoT once again looks good, probably even better after the last few selling days
So, is it finally time to break this yellow down trend and run?
Taking ~2% risk, daily close below 22,11 and I´m out
Note
Rates might have topped right here
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