Part 6 - Risk-off August - XAU/XAG DailyXAU/XAG – Monthly Resistance & Support:
Resistance: 86.00
Support: 74.00
XAU/XAG – Summary:
Expected to start a Bullish Swing from the current 79.00 Levels and complete the Ending Diagonal pattern at or around 86.00 Levels
Bearish Impulse expected at or around 86.00 Levels
GOLD/SILVER
SILVER $$$ THE ULTIMATE UTILITY TOKEN + VALUE VAULTHey Guys,
I have been long time silver advocate - I am buying silver with the extra cash whenever I see a silver bullion and always trade it when I see an opportunity.
Even among sound money advocates, the historic role of silver as money is often marginalised or ignored! Human beings have coveted silver consistently for more than 6000 years and silver along with gold kept its value over many millennia. I will be explaining silver and gold further in future posts.
Back to today, I am looking at a long position with initial targets at earlier highs - with long term potential of all time highs in future!
At the same time I am looking for an opportunity to short XAUXAG - see previous posts, related idea link below
I am collecting more silver at these levels and watching for the action $$$
XAUXAG SHORT ? Keeping an eye on XAUXAG. At this time, I am waiting for a short position setup. Not just yet but soon I might go short on XAUXAG - once king of trades!
Talking about commodities, it's a trader-must-know! I am always in-and-out of XAU and XAG. We have seen tremendous price action during 2008-2010 financial burst times, while we were having Armageddon gold and silver kept giving.
Now waiting for the setup
Keep it Real!
GOLD/Silver Ratio short. Short for GOLD/Silver ratio. Its been at 80 range for long time and if penetrates trough 79 is highly likely to stop at 76 area. Two main concerns with this trade:
1. Price of the gold is high right now and it is possible to drop down to 1220 very soon.
2. On opposite site silver is under\valued and from 16.50 zone it wont be surprise to reach 17.50 and above.
Simple math 1220/17.50= 69.71 which makes sense.