A LONG's Chart so much better than Gold at the moment. See below
This is a Silver play XAG JPY. Earlier today in the Asian session I noticed some momentum in its price for Longs. Then when I pulled up the Daily I saw the recent negative bearish sell-off on the Daily in relation to the TOPPING formation.
But this bearish pattern has completed and price is snap
XAGJPY finishes New York trade about 0.9% down..
XAGJPY is a short I took due to negative divergence on the daily stochastics. It turns out that regular Silver XAGUSD is facing a similar fate of hidden divergence on the daily stochastics.
XAGJPY has finished under the 50 EMA on the 1HR chart which is not a great position to be going into the
XAGJPY LongOn a weekly chart, Silver is showing strength after breaking out of a long term wedge, retracing and bouncing off the top line of the wedge. Why against the yen? Because of the extreme yen weakness that is likely to continue in the coming weeks/months. Note this is a log scale.
Target: ¥5450, a 72
INV HEAD AND SHOULDERS AND YEN WEAKNESSWe have a inverted head and shoulders in development on weekly timeframe which indicates this year yen will we weak against precious metals and possible major curriencies. Drop down timeframe to look for buy setups and try to keep trades for longer time period.
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Displays a symbol's price movements over previous years to identify recurring trends.