Silver to test Highs?Hi Guys,
XAU/USD , silver , looks like it is back in control of buyers after the recent selloff. Much like its counterpart, Gold, Silver has created a double bottom right on the Anchored Vwap from an important low, (made in February). The pullback from its recent high and the double bottom are in the Fib golden zone using recent high and daily support as the high and low and on the demand zone created in May from its last run up. Also it has climbed back over its key moving averages with some strong 4 hour candles once it cleared the 50ma.
Silver is in uptrend now on the 4 hour and a pullback and retest of the demand zone created by clearing the resistance (blue box) and broken down trendline (There is another trendline connecting the very top points on the chart which I think is of more importance than the channel trendline and that upper line will form resistance with the first red shaded resistance zone) could provide a good buy opportunity with nice risk to reward.
Safe Trading all