TradingShot

XAGUSD Strong rally towards the end of the year

Long
FX_IDC:XAGUSD   Silver / U.S. Dollar
As the 1D MA50 (blue trend-line) has been supporting Silver since late October, it is a good time for me to update my outlook on the metal. So far my September 30 trading plan remains valid:


As you see we caught the market bottom on that exact date and the price has been rising ever since, creating an Inverse Head and Shoulders pattern in the process, which is a technical bullish formation.

Last time we saw the 1D MA50 turning into a Support after a break-out following a rebound on the 21.650 Support, was in January 2021. As you see that was also after a new High and what followed was a rally that gave a new Higher High. With the 1D CCI being also on a symmetrical Support level (-100.00), I am expecting a similar rally this time also, which can last as long as until the end of the year. The 0.786 Fibonacci retracement level has always served as a strong Resistance and that is an ideal target for swing buyers.


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