TECHNICAL:
1.
- Possible double bottom pattern forming
- Bottom of pattern @ ~15.914
- Neckline of pattern @ ~ 16.12
- Support @ 15.914 would need to hold as well as neckline @ 16.12 to confirm the formation of this pattern
2.
- Bullish RSI Divergence
- Price has been in a consistent down-trend forming lower lows and lower highs since 18/06/2018
- However RSI indicator has been printing these as higher highs and higher lows
-This indicated possible bullish sentiment coming through finally
3.
- 16.000 Psychological level
- Acting as support within the double bottom pattern
- Technically broken by ~ 5-10 pips on lower time-frames however if break of double bottom, then higher time-frames may show this as a false break
FUNDAMENTALS:
- Trade war between USA/China/EU not showing any signs of an agreement yet/ramping down.
- On Sunday it is claimed that Donald Trump said he believed the nuclear disarmament deal with North Korea may not work out, if this is true this could be very bad news for the US and a repeat of previous meetings with North Korea.
- A lot of high volatility USD news this week including FOMC statement minutes, which may finally give Silver a bullish kick up the arse!
STRAT:
- Set buy stop @ 16.2 (20 pips above Psychological level + above neckline of double bottom pattern)
- SL @ 15.7 (20 pips below bottom of double bottom pattern
- TP yet to be confirmed however large move expected if bullish turn therefore should hopefully be long term trade
**Appreciate thoughts and comments, constructive criticism only please!
Thanks for reading,
James
1.
- Possible double bottom pattern forming
- Bottom of pattern @ ~15.914
- Neckline of pattern @ ~ 16.12
- Support @ 15.914 would need to hold as well as neckline @ 16.12 to confirm the formation of this pattern
2.
- Bullish RSI Divergence
- Price has been in a consistent down-trend forming lower lows and lower highs since 18/06/2018
- However RSI indicator has been printing these as higher highs and higher lows
-This indicated possible bullish sentiment coming through finally
3.
- 16.000 Psychological level
- Acting as support within the double bottom pattern
- Technically broken by ~ 5-10 pips on lower time-frames however if break of double bottom, then higher time-frames may show this as a false break
FUNDAMENTALS:
- Trade war between USA/China/EU not showing any signs of an agreement yet/ramping down.
- On Sunday it is claimed that Donald Trump said he believed the nuclear disarmament deal with North Korea may not work out, if this is true this could be very bad news for the US and a repeat of previous meetings with North Korea.
- A lot of high volatility USD news this week including FOMC statement minutes, which may finally give Silver a bullish kick up the arse!
STRAT:
- Set buy stop @ 16.2 (20 pips above Psychological level + above neckline of double bottom pattern)
- SL @ 15.7 (20 pips below bottom of double bottom pattern
- TP yet to be confirmed however large move expected if bullish turn therefore should hopefully be long term trade
**Appreciate thoughts and comments, constructive criticism only please!
Thanks for reading,
James
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.