The808Trader

Silver to Shine? - Ichimoku Silver Long Trade Setup

Long
OANDA:XAGUSD   Silver / U.S. Dollar
Silver has been slowly but steadily falling over the past two months or so but we have finally gotten a bit of a kick up here. We are close to a bullish TK cross as well. I am looking for a drop to support for a buy entry. I've drawn out some partial take profit levels and a medium term take profit level to aim for. This analysis does conform with fundamentals that silver is undervalued as well. What we have to be careful of is wanting the technical side to line up with the fundamentals, we need to be patient and let the market vet that out for us as we continue to look at the technicals for the shorter term outlooks. If we fail to get a drawback for a good long entry we could also consider a buy above the recent price structure highs. If either of those two scenarios play out, this setup may become invalidated. 

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