XAGUSD - wait for retracement before buying silver

FX:XAGUSD   Silver / U.S. Dollar
232 5 6
XAGUSD             is now in an ascending pitchfork after it escaped from the base of relatively flat cloud. One may want for a small retracement towards the Kijun before entering a long trade. Target is defined by a SSB             level that is present in the weekly Ichimoku cloud back in August 2015. For a longer term trade, other targets given by weekly SSB             are 16.93 and 17.8. In H4 Ichimoku , we are far away from the cloud, high above the Kijun in a nice bullish trend . There are no real obstacles for the lagging span besides the classical intermediate R/S levels. Around 15.80 it would enter the area of price that was present in November 2015.

I think it's worth going beyond technical aspects and think in terms of fundamentals, we have a global risk aversion that is pushing the market towards precious metals.

According to research by Smaugld, neither American nor Canadian mining production is sufficient to meet the demand for silver             coins in each country.

Comment: That was a hell of retracement....
I hope you have realized this:
Nice pitchfork, yep looks like a more rough correction is required, we are overbought, the top of the cloud is a better buy area probably (for a short-term). Longer term could go to 14.4 and a buy there or on your trend line would be safer.
Csys albert.callisto
I don't know the cloud theory. Is there a rule that you cannot trade inside the Kumo?
Cloud is seen as "neutral" usually and you are not supposed to take a trade if the candles are inside it. But that's theory
+1 Reply
Ah! Early entry. Let's wait for a little more while.
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