SILVER
From the daily perspective, we have a horizontal wedge formation, if you have a horizontal wedge formation, this implied the big player does not have a clear direction on the particular pair OR they are accumulating their positions inside the wedge formation. We need to wait for which direction will break out before looking for any long/short opportunity.
From the institutional's point of view, they are bullish bias on the silver, in the new report, long positions added around 1k and short positions were closed around 2.2k. During the silver move to the upside, long added and short closed, this can tell us a further upside is expected.
The proper way to approaching this pair is should wait for the price break out either one direction as I mentioned above. If the price will break to the downside of the wedge formation, we may see a massive downside, because we still have a strong structure level in between 15.27 to 15.50 haven't retest on the weekly perspective.
The result might not follow my analysis, and this analysis is based on the technical and COT perspective.
Comment below let me know your views on silver.
From the institutional's point of view, they are bullish bias on the silver, in the new report, long positions added around 1k and short positions were closed around 2.2k. During the silver move to the upside, long added and short closed, this can tell us a further upside is expected.
The proper way to approaching this pair is should wait for the price break out either one direction as I mentioned above. If the price will break to the downside of the wedge formation, we may see a massive downside, because we still have a strong structure level in between 15.27 to 15.50 haven't retest on the weekly perspective.
The result might not follow my analysis, and this analysis is based on the technical and COT perspective.
Comment below let me know your views on silver.
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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.