InvestingScope
Long

Silver (XAGUSD): Bullish pattern spotted.

FX_IDC:XAGUSD   Silver / U.S. Dollar
Silver ( XAGUSD ) is trading within a newly emerged Channel Up on the 1D chart ( RSI = 60.617, MACD = 0.050, Highs/Lows = 0.2338) following the October 1st bottom just above the 1D Support Zone .

Both the 1D candle action and the RSI sequence resembles and October/ November 2018 fractal which delivered a strong rise once the Channel Up broke. Our advice is to take a careful long approach towards 19.000 - 19.500 moving the stop loss on the Higher Low of the Channel each time to limit the potential loss while keeping a maximum gain perspective.

Check out also how we expect its relationship with Gold to trade:





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