Hi traders:
There is a potential sell setup forming on XAGUSD (SILVER), as the daily and weekly chart may indicate a lower high has formed, and we can see some bearish momentum coming in this week. On the 4 hr chart we can see the price action broke out of the rising channel. We can wait for price action to reject the resistance and form a potential Head and Shoulder pattern before considering a short trade. Look for a strong rejection before enter the short position.
Target 1: 17.01 (2%)
Target 2: 16.70 (3.82%)
Thank you for your support and feedback.
There is a potential sell setup forming on XAGUSD (SILVER), as the daily and weekly chart may indicate a lower high has formed, and we can see some bearish momentum coming in this week. On the 4 hr chart we can see the price action broke out of the rising channel. We can wait for price action to reject the resistance and form a potential Head and Shoulder pattern before considering a short trade. Look for a strong rejection before enter the short position.
Target 1: 17.01 (2%)
Target 2: 16.70 (3.82%)
Thank you for your support and feedback.
Note
Here is the daily and weekly charts:Daily:
Weekly:
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Related publications
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.