Wednesday, October 17, Gold and Silver

FX:XAGUSD   Silver / U.S. Dollar
Having a good idea, beforehand, where the buy and sell stops are located can give an active trader a better idea regarding at what price level buying or selling pressure will become intensified in that market.

Buy Stops -15.050(buying pressure)
Sell Stops- 14.450(selling pressure)

Our Active position


Sell Limit Price: 14.700

Take Profit: 14.000

Stop Loss: 15.300
Nice idea on XAGUSD and there may be bearish bias as you have identified. The resistance that we have identified is at 14.84, which lies below the resistance level that you have identified. It is a horizontal swing high resistance, with 61.8% Fibonacci extension and 78.6% Fibonacci retracement. Stochastic is approaching its resistance and we might see a corresponding drop in price should it react off this level. If a corresponding bounce does occur, we may want to look at the 14.52 support level. It is a horizontal swing low support with 78.6% Fibonacci retracement. Excited to see how things develop.

Please take a look at our idea and share with us what you think.

+1 Reply
@easyMarkets, I can say only one thing precious metals are on the verge of there next major decline
+1 Reply
If the ppt and fsb tank the market they will surely dump the metals too
+1 Reply
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