Silver is at a low risk level to buy it, in case the 2M timeframe signal pans out.
Long term stops should be below 17.300, and daily under 17.382.
Targets are on chart in case the long term chart signal ends up working.
Cheers,
Ivan Labrie.
Long term stops should be below 17.300, and daily under 17.382.
Targets are on chart in case the long term chart signal ends up working.
Cheers,
Ivan Labrie.
Comment:
Comment:
#XAGUSD can trend a lot higher here, and likely outpace #XAUUSD if it hits the first target zone at 26. A drop to 75.58 is possible, which would happen with Gold at 1965 and Silver at 26:
In any event, Silver at 26 would merely be playing catch up to the Gold rally to current heights, not that crazy. If Gold doesn't move up further but Silver does, the ratio would fall much lower, but would be weird.
Trade closed manually:
I was stopped out in profit in Silver:
Now lower than the last daily trend stop loss at 17.965
I took some partial profits near the top of this swing but events following last Friday's move have been erased, since Gold was flirting with the highest resistance zone since the 2011 top. This resistance imposed itself and stopped the precious metals rally dead in its tracks. I'm abandoning this idea for the time being. Metals might be good for people living in countries with hyper inflation, but hard to profit from them now, since most of the possible upside in Gold was exhausted, wishing for more gains will prove to be wishful thinking unless some major crisis occurs.
Now lower than the last daily trend stop loss at 17.965
I took some partial profits near the top of this swing but events following last Friday's move have been erased, since Gold was flirting with the highest resistance zone since the 2011 top. This resistance imposed itself and stopped the precious metals rally dead in its tracks. I'm abandoning this idea for the time being. Metals might be good for people living in countries with hyper inflation, but hard to profit from them now, since most of the possible upside in Gold was exhausted, wishing for more gains will prove to be wishful thinking unless some major crisis occurs.
Trade active:
Bought back, stop @ 17.05
It should really hold our the bullish trend is 100% dead.
It should really hold our the bullish trend is 100% dead.
Trade closed: stop reached:
Looks like long term resistance is in control in #XAUUSD, funds positionig is very large, net long...I think this might have been the top for precious metals, long term...simply exit long, it will be profitable to be long stocks and maybe even short gold:
Silver might have topped too.
Silver might have topped too.
Trade active:
Today's move bouncing back over support is encouraging for buying back metals with a not too tight stop below today's low. Give it some room, like 0.5-3 ATR down.