Silver (XAGUSD) - Potential Long Opportunity on Structure RetestHello TradingView Community,
This is a technical analysis of a potential long (buy) setup on the 15-minute chart for Silver/U.S. Dollar (XAGUSD). The idea is based on a classic price action pattern of a breakout and retest.
Analysis:
As we can see on the chart, the price has recently broken through a significant resistance level at approximately $44.658. Following this strong upward move, the price is now pulling back to retest this former resistance zone, which is expected to act as new support. This "resistance-turned-support" is a common and often reliable pattern that can signal a continuation of the trend.
The current price action suggests that buyers may be stepping back in at this level, providing a potential entry for a move higher.
Trade Idea:
Position: Long (Buy)
Entry: Around the $44.658 level.
Stop Loss: A logical placement for the stop loss is below the support level and the recent swing low, at approximately $43.686. A break below this level would invalidate the immediate bullish bias.
Take Profit: The target for this trade is set at the recent highs, around $47.613. This provides a favorable risk-to-reward ratio for the setup.
Risk Management:
As with any trade, proper risk management is essential. This analysis is for informational and educational purposes only and should not be considered financial advice. Always do your own research and analysis before entering any trade.
Good luck, and trade safe
