chartwatchers
Long

Silver - FIBONACCI 61.8

OANDA:XAGUSD   Silver
1317 5 34
On Friday we've arrived to important levels in silver             .
We hit the support of the 61.8 Fibonacci retracement on Friday (16.49$). We also tagged the the downtrend channel's lower trendline and the 300 SMA . (I changed the 200 SMA to the 300 SMA because in silver             it seems to be working better.) In MACD and TSI divergencies are started to be forming.

I closed 50% of my hedges in silver             on Friday. Silver's intermediate rally topped on the 1st of July. We had a 4.5 months decline since that time and the pullback had erased the 61.8% of the previous rally. In the commodity complex this kind of pullback used to be enough in the past.
We have a very important and strong support zone below this level : 15.98$. We needed 2 months to break this level at the beginning of this year. 15.98 is a multi year support. I will close the rest of my hedges if I have a confirmation that 61.8 FIBO was the bottom or if we have one more short drop down to 15.98$.

If we break significantly below 15$ - and testing the support of 14.6$ - that would be dangerous for this bull market.

LONG ENTRY
Bearbud
3 months ago
Thanks for the update Arpi!
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traderzaius
3 months ago
what do you use to hedge gold and silver?
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jolu
2 months ago
which ETF track three times silver movement, please?
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jolu jolu
2 months ago
@jolu, time to go long?
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jolu jolu
2 months ago
@jolu, is silver following gold? if gold climbs silver does too and the other way also.?
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