Silver is trying to break above the 20 EMA on the daily chart today.
The dollar took a big hit after the FOMC meeting today and after the weak bounce we had during the past few days it's turning down again.
I think the weak dollar will be extremely good for gold as we are starting the new intermediate cycle:
I already posted a long idea in gold a few days ago.
But as I showed in a prevoius XAUXAG idea the big opportunity will be silver in the following weeks if the XAUXAG ratio finally breaks down the symmetric triangle:
Silver on the hourly chart is breaking out of the compression triangle and testing the trendline:
If we break the trendline , silver will be testing 30$ again and I think this time it will break through.
The dollar took a big hit after the FOMC meeting today and after the weak bounce we had during the past few days it's turning down again.
I think the weak dollar will be extremely good for gold as we are starting the new intermediate cycle:
But as I showed in a prevoius XAUXAG idea the big opportunity will be silver in the following weeks if the XAUXAG ratio finally breaks down the symmetric triangle:
Silver on the hourly chart is breaking out of the compression triangle and testing the trendline:
If we break the trendline , silver will be testing 30$ again and I think this time it will break through.
Comment:
Trendline tagged , bears are trying to print a reversal.
Trade closed manually:
DCL is coming. I will buy back silver a few days later
