Silver / USD seems to be in an AB=CD formation. It is currently close to a monthly resistance which, in turn, is concurrent to a yearly resistance. There is therefore, a chance for a substantial retracement, in which case we could go long around the .50 fib. of the last upward movement, with a stop loss right under "C". Long entry @ 16.57 (if retracement occurs) Target: 19 SL: 15.77 R/R: 1:3
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question is, will we drop back to 16.57 for long entry point, or we go for long now :)