On 14th December 2015 XAGUSD put in a low of 13.62. Since then we have seen SILVER move higher and there are no signs that we're headed back to test that low any time soon.
I have multiple positions open LONG SILVER and I can't foresee a time when they will be closed (now 15.44)
Currently price is moving out of the monthly 23.6 Fibonacci zone into the 38.2 Fib area.
My minimum target for SILVER is the 200 sma which is currently sitting on the end of 38.2 zone.
My STOP on this trade is large, under the last low at 13.62 so I have had to employ strict money management to accommodate a steep reversal in SILVER's fortunes.
I can't see this happening under current market conditions and expect XAUUSD to head MUCH higher.
I have multiple positions open LONG SILVER and I can't foresee a time when they will be closed (now 15.44)
Currently price is moving out of the monthly 23.6 Fibonacci zone into the 38.2 Fib area.
My minimum target for SILVER is the 200 sma which is currently sitting on the end of 38.2 zone.
My STOP on this trade is large, under the last low at 13.62 so I have had to employ strict money management to accommodate a steep reversal in SILVER's fortunes.
I can't see this happening under current market conditions and expect XAUUSD to head MUCH higher.
Trade active:
Multiple positions open
STOP under 13.62 low
Target open
STOP under 13.62 low
Target open