Mihai_Iacob

Silver is entering my sell zone

Short
OANDA:XAGUSD   Silver / U.S. Dollar
In my yesterday's commentary on Silver , I said that around 23 is the best place to sell.
If we look at the h1 chart, we can see that since the 21.50 low and daily support, Silver has started its rebound.
However, the rise is overlapping, not impulsive, and is drawing a rising wedge on our short-term charts.
At this moment Silver is entering my sell zone between 22.80 and 23.30 and I expect gains to be well capped here.
Confirmation of a potential drop comes with a break under wedge's support and the target can be the recent low.
Also, a reversal from this point will make me strongly bearish Silver and in my opinion, this 21.50 can fall also if you get there.
Silver above 23.50 would negate this scenario

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