XAGUSD: Weekly downtrend might fail...

I think the daily based decently here, and judging by Friday's bar, a trend might be about to gain traction.
Silver is likely a good buy from here onwards, should be a good addition to your portfolio, to hedge equities risk, and/or to profit in a speculative FX/Futures account.

There will be many trend trading opportunities in precious metals going forward, most likely showing a bigger edge on the long side when viable.
IF prices don't go any lower, the weekly trend will become a fail by Dec 23rd, in which case, we could expect a rally back over recent highs at the very least.
The situation in Hong Kong might turn investors toward risk off assets here, which might end up benefitting Bitcoin as well.
$USDCNH seems to have recovered, and might move higher, so, $XAUCNY will likely trend up as well.
I worry that the recent trade deal related optimism might end badly, at least in the short to intermediate term...For this reason I have sold my risk on positions and bought Gold on Friday, and will be looking to buy Silver at the open as well.

Best of luck!

Ivan Labrie.

Comment:

#XAGUSD targets on chart

#USDCNH went higher too:

#VIX surged enough to give us a buying opportunity in #SPX once volatility recedes

I'll be monitoring it to determine when to add some long #SPX exposure, and/or add to spot holdings (I hold long term cash account unlevered positions in a couple stocks).
I trade #XAG and #XAU in my short term futures/cfd account, helps improve the profit & loss curve to be hedged when market corrections occur while long stocks. (or simply good to trade metals, etc when we are in a bear market, which was the case in 2018)

Comment:

Weekly chart looks constructive, we may have a big move like the one that started in late May as long as not closing the week down.

Comment:

Limit orders filled to add:

Trade closed: stop reached:

Stop hit

Comment:

Might be headed towards weekly target below. Worth keeping an eye on.

Trade active:

It failed and I'm long. Sold last entry from 17.414 to 17.725. Bot back today at 17.923

Trade closed manually:

Looks like a short...This might fail to gain traction, since escalation of the Iran conflict is unlikely. Precious metals are not likely to move higher and break the all time high set in 2011 yet.