$XAGUSD - Wait for a triangle breakout and long
Hi guys! 👋🏻
🔔 Silver is one of the assets to watch ahead of FOMC Meetings and Fed rate decision. Do not expect the Fed to change the rate, however will pay a lot of attention to what Chariman says. DXY is holding above 90.400 support and any positive phrase could bring the DXY to 91.
🔔 On the other hand, VIX is up 16.20% and above the dynamic support of October 20, the volatility is supported by the upcoming FOMC meeting and projections, the clarity which is expected from the Biden administration on economic plans, stimulus bill's value and date and of course the Covid-19 cases which hit 100M Worldwide, UK deaths hit 100K.
🔔 As of now Silver is testing an important support of the triangle pattern. Breakout of from the upper edge of the triangle pattern will get the price to $26.50, and above that to $27.70.
🔔 If breaks below than look for a support at $24.54, if the price remains above that, it might form an inverted head and shoulders pattern and jump to $27.70 from there.
🔔 Note that the latest drop of January 18 is slightly below the 0.618 level of the uptrend, hence there still is a hope that silver will go further.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
🔔 Silver is one of the assets to watch ahead of FOMC Meetings and Fed rate decision. Do not expect the Fed to change the rate, however will pay a lot of attention to what Chariman says. DXY is holding above 90.400 support and any positive phrase could bring the DXY to 91.
🔔 On the other hand, VIX is up 16.20% and above the dynamic support of October 20, the volatility is supported by the upcoming FOMC meeting and projections, the clarity which is expected from the Biden administration on economic plans, stimulus bill's value and date and of course the Covid-19 cases which hit 100M Worldwide, UK deaths hit 100K.
🔔 As of now Silver is testing an important support of the triangle pattern. Breakout of from the upper edge of the triangle pattern will get the price to $26.50, and above that to $27.70.
🔔 If breaks below than look for a support at $24.54, if the price remains above that, it might form an inverted head and shoulders pattern and jump to $27.70 from there.
🔔 Note that the latest drop of January 18 is slightly below the 0.618 level of the uptrend, hence there still is a hope that silver will go further.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
Trade closed: target reached:
Congrats!
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🤖 I am one of the 11K TradingView users who trade on BingX - bingx.com/partner/Aziz
_________________________________
🤖 I am one of the 11K TradingView users who trade on BingX - bingx.com/partner/Aziz
