Silver: XAGUSD Look to buy dips,, ready for Dollar break-down
Updated
Silver: XAGUSD Look to Buy Dips
It's just about bearish enough to go long here. But no one
seems very interested. It's likely to need the dollar to break
below it's lower parallel (see DXY comment for back-up to this
trade) before interest picks up here. One thing it has in its
favour is those pin bars forming off the dynamic support shown
on the chart. It's clear we cannot turn negative on silver unless
that line breaks. Don't think it will though, expecting DXY
weakness to save silver and propel it higher from here.
It's a buy on dips back to the dynamic support line and it's a
second buy on a break above 17.05 on dips for a rally to 17.25
minimum and more likely to 17.42. It will then need to break
above 17.46 and hold on the next retest to trigger next long
from here to 18.2. Stops for longs need to be 15 pips under
the dynamic support line to avoid whipsaw.
Silver, like gold, is a buy dips market for now - turning
aggressively bullish of both when DXY breaks its lower parallel.
It's just about bearish enough to go long here. But no one
seems very interested. It's likely to need the dollar to break
below it's lower parallel (see DXY comment for back-up to this
trade) before interest picks up here. One thing it has in its
favour is those pin bars forming off the dynamic support shown
on the chart. It's clear we cannot turn negative on silver unless
that line breaks. Don't think it will though, expecting DXY
weakness to save silver and propel it higher from here.
It's a buy on dips back to the dynamic support line and it's a
second buy on a break above 17.05 on dips for a rally to 17.25
minimum and more likely to 17.42. It will then need to break
above 17.46 and hold on the next retest to trigger next long
from here to 18.2. Stops for longs need to be 15 pips under
the dynamic support line to avoid whipsaw.
Silver, like gold, is a buy dips market for now - turning
aggressively bullish of both when DXY breaks its lower parallel.
Trade active
Silver UpdateThis is only up 1% on day and you can see that it realy doesn't want to go up. it's unloved and this is just dollar corrective. So if long here get ready to grab profits. Gold is at 1294, the first target (next at 1305-9). Dollar (DXY) has more downside still (see DXY comment for more) ...Silver has more upside therefore...consider running a tight stop under it for sure because it will likely fall away fast once DXY hits 92.78-92.64 range - a fabulous short at that point.
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