XAGUSD - Retracement or Bullish Continuation?
Alright guys, call it USA Midterm Election impact or whatever, but we just had an inverted head and shoulder on silver which calls out for a possible full time bullish reversal on the XAGUSD. The pattern successfully hit the middle and first target zone between 21.9-22.5, tagging a price of 22.05. Now, there are two situations:
1- Retracement occurs and silver metal retraces back to 0.618 Fibo level zone between 20.5 and 21 (breaking lower from that local ascending channel, marked in blue, might trigger it). If the retracement target zone does not hold, we might possibly be heading to lower price zones again.
2- Silver breaks higher from the Target Zone 1 (Price level 22.50) which might trigger ascension to the inverted head and shoulder target zone 2.
Be patient, wait for confirmation, and enter with the trend! Best of luck and Happy Trading!
1- Retracement occurs and silver metal retraces back to 0.618 Fibo level zone between 20.5 and 21 (breaking lower from that local ascending channel, marked in blue, might trigger it). If the retracement target zone does not hold, we might possibly be heading to lower price zones again.
2- Silver breaks higher from the Target Zone 1 (Price level 22.50) which might trigger ascension to the inverted head and shoulder target zone 2.
Be patient, wait for confirmation, and enter with the trend! Best of luck and Happy Trading!
Comment:
Silver testing the retracement zone today, lets see if we bounce from here to target zone 1 or head lower to the lower targets again
Comment:
Silver has precisely bounced from the retracement target zone as described in the chart. It is possible that it is heading to retest that 22-22.5 area.
Trade closed: target reached:
tp1 reached
Comment:
We have broken through the main resistance between 22-22.5 area and now we are looking forward to target zone 2, Best of Luck! Happy Trading Happier Profits :-)
