Technician
Long

Silver: Following Gold's Footsteps

FX:XAGUSD   Silver / U.S. Dollar
187 6 3
Silver             is finally breaking out of a prolonged sideways trading range, the measured move target of the rectangular range is at 22.15 region. However serious positive technical developments has materialized as outlined on chart, which suggest a possible medium term bottom has completed

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Never traded silver. From your chart it looks like the price is near a res. where it should trade sideways with possible breakout to 23's. What I see on my chart is that price reached the 161.8 of last peak high near the 78.6 ret. of previous high. Thinking about going short, what would be your opinion about shorting at this price level?
snapshot
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Technician PRO fximperija
Yes possible resistance area, which also coincides with gold hitting key Fibonacci retracement,But trying to short without confirmation at current level is like catching a falling knife
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Technician PRO Technician
especially that the first hit of that resistance resulted in a downside pullback.
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Technician PRO Technician
it might work, but I personally wont do it.
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fximperija Technician
Thx for prompt reply, mate
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Technician PRO fximperija
anytime
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