Happy Wednesday Traders,
As we are now halfway through the week, I hope and trust it has been a great one this far. Silver (XAG/USD) Provides us again with a potential short swing setup to take advantage of, Price has hit a strong resistance level at 20.500 which was an untested resistance level, Price has taken a while to pull back and retest the level, But now that it's been hit we can see price now starting to reject this level. I would like to wait for one more minor barrier to be taken out before I participate in this trade.
Price has created a minor resistance level at 20.250 which could turn to support once price hits this level, I would like to see price firstly break back below and retest. My target sits at around 18.200 which remains in the frame of the current structure. On the flip side, Price could reject the near-term support at 20.250 and continue to move bullish. If that happens I will leave the trade to be, We could find a buy setup later on in the week if the short does not play out.
Let the trade come to you.
Renaldo Philander
As we are now halfway through the week, I hope and trust it has been a great one this far. Silver (XAG/USD) Provides us again with a potential short swing setup to take advantage of, Price has hit a strong resistance level at 20.500 which was an untested resistance level, Price has taken a while to pull back and retest the level, But now that it's been hit we can see price now starting to reject this level. I would like to wait for one more minor barrier to be taken out before I participate in this trade.
Price has created a minor resistance level at 20.250 which could turn to support once price hits this level, I would like to see price firstly break back below and retest. My target sits at around 18.200 which remains in the frame of the current structure. On the flip side, Price could reject the near-term support at 20.250 and continue to move bullish. If that happens I will leave the trade to be, We could find a buy setup later on in the week if the short does not play out.
Let the trade come to you.
Renaldo Philander