XAGUSD hit the 1 year Rectangle Support. Buy signal long-term.
Silver hit yesterday the 21.664 Support level of the 1 year Rectangle pattern it has been trading in since August 2020. Even though the price marginally broke it, if the 1W (weekly) candle closes above the Support, then the long-term Rectangle pattern remains valid.
The 1D MACD shows we may be in a similar situation as with the November 30 2020 bottom. If so, then we can expect a rebound back towards the 1D MA50 (blue trend-line). A weekly close above the 1D MA50 would be a new signal for a bullish extension and I will resume buying targeting just below the 0.786 Fibonacci retracement level at 27.800.
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The 1D MACD shows we may be in a similar situation as with the November 30 2020 bottom. If so, then we can expect a rebound back towards the 1D MA50 (blue trend-line). A weekly close above the 1D MA50 would be a new signal for a bullish extension and I will resume buying targeting just below the 0.786 Fibonacci retracement level at 27.800.
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> Vergnes
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