Silver (XAGUSD) how to construct a trade:Medium bullish take:
OANDA:XAGUSD is trading around the $30 price level for the first time in years. Is there a trade here? Could we see $40 by EOY? Let’s draw some charts:
We're trading in a Bullflag at the $30 level
Triple top, we're not quite ready to hold above the level
Find nearby price targets
Establish long term support lines
Use momentum indicators and price action to draw a reasonable path which engages the price structures you've established.
So according to our charts, we should expect a bounce above $27 Be mindful, there are exogenous events that push the price around. Shifts in the macro landscape will impact the path price takes.
For details, I've included a fun GIF, animating the construction of this chart. Check out my twitter for more!
NOTE: Original idea posted 7/23
