A LONG's Chart so much better than Gold at the moment. See below
This is a Silver play XAG JPY. Earlier today in the Asian session I noticed some momentum in its price for Longs. Then when I pulled up the Daily I saw the recent negative bearish sell-off on the Daily in relation to the TOPPING formation.
But this bearish pattern has completed and price is snapping back.
But it gets better!!
On this daily chart notice my yellow 9ema which is almost vertical in nature at the moment. Once it crosses the dark blue 50ema a lot of buy orders will trigger and this will then become a very strong BUY opportunity. We are about 0.6% away from the cross.
Further, I do not like the Gold chart at present for Long-entries. There is possible further price weakness in gold and of course this could drag down precious metals in general. However, the Silver price is diverging away from gold a bit and is much stronger in its price action at the present.
I have an alert set. I will keep you posted.
regards,
Chris.
