Hi Traders,
Silver (XAG/USD) is showing a simple setup. Price is respecting a trendline that has been tested multiple times, When looking at the daily time frame there is a supply zone that has been tapped into. Apart from the Supply zone, when looking at the four-hour we can see that we are currently testing the resistance of 18.900, It seems as though price is also creating a double top pattern.
What I am looking for is for the price to simply continue bearish from this point seeing that the last few four-hour candles have been bearish. The idea is that the weekly candle will flip bearish and create the continuation with momentum.
My target is 18.00 which is a psychological number and also support based on the weekly time frame. I would be concerned that the trend line may be breached and price action may turn to a more bullish structure so having less risk on this trade is a good idea.
Let's see how this one plays out.
Renaldo Philander
Silver (XAG/USD) is showing a simple setup. Price is respecting a trendline that has been tested multiple times, When looking at the daily time frame there is a supply zone that has been tapped into. Apart from the Supply zone, when looking at the four-hour we can see that we are currently testing the resistance of 18.900, It seems as though price is also creating a double top pattern.
What I am looking for is for the price to simply continue bearish from this point seeing that the last few four-hour candles have been bearish. The idea is that the weekly candle will flip bearish and create the continuation with momentum.
My target is 18.00 which is a psychological number and also support based on the weekly time frame. I would be concerned that the trend line may be breached and price action may turn to a more bullish structure so having less risk on this trade is a good idea.
Let's see how this one plays out.
Renaldo Philander