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Xagusdshort

XAGUSD Silver, ready for a correction?After an impressive bull run, Silver had a very indecisive day on Friday printing a huge sideways candle. This could lead to a correction move to retest the 15.6 level that was broken without a retest. We also see that RSI has entered overbought territory. That, by itself means nothing but after that clean bullish move could mean that the price needs some oxygen before continuing running. Lets look at the 4H chart: I felt artistic and decided to hand draw the Price Action I am expecting to see :)) The price sky rocketed from 15.18 resistance area all the way to 16.6 where bears started to take control. This could well be profit taking on a Friday but could also mean that the price is correcting. The price has been overbought for a while and retesting the 15.6 level or even the 15.18 level would be a healthy sign. This being said 16.11 is a very important area. If the price breaks below, it will be my signal to get ready to jump into that corrective move. I will be looking at exact entry and exit points when/if that happens. Do you think Silver will continue its bullish run or not? Please let me know in comments!
FOREXCOM:XAGUSDShort
by MicKi
XAGUSD approaching support, potential for a bounce! XAGUSD is expected to drop to 1st support at 15.11395 where it could potentially react off and up to 1st resistance at 15.35743. *Disclaimer.* Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment. Pepperstone Group Limited is licensed and regulated by the Australian Securities and Investments Commission (AFSL 414530). Pepperstone Limited is authorised and regulated by the United Kingdom Financial Conduct Authority (FRN 684312). This information is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
OANDA:XAGUSDLong
by Pepperstone
1
XAGUSD approaching support, potential for a bounce!XAGUSD is expected to drop to 1st support at 15.11395 where it could potentially react off and drop down to 1st resistance at 15.35338 *Disclaimer.* Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment. Pepperstone Group Limited is licensed and regulated by the Australian Securities and Investments Commission (AFSL 414530). Pepperstone Limited is authorised and regulated by the United Kingdom Financial Conduct Authority (FRN 684312). This information is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
OANDA:XAGUSDLong
by Pepperstone