Bearish case for silver
Actualizado
This would be the bearish case for silver:
Triangle pattern broken to the downside. Price quotes are under the 50's MA. Target for this case according to the height of the triangle would be ~17 USD / Oz..
According to inflation and so on it would be a rather unlikely scenario, but the market does what the market does.
Triangle pattern broken to the downside. Price quotes are under the 50's MA. Target for this case according to the height of the triangle would be ~17 USD / Oz..
According to inflation and so on it would be a rather unlikely scenario, but the market does what the market does.
Nota
Update:The calculated target should be within the area of 17.00 - 18.50 USD. In any case, it'll have to cut through the 200's MA but I think this won't be a problem.
Nota
Currently, XAG/USD is dropping further. On the daily timeframe, the inverse SHS chart pattern seems to be very unlikely now. By the end of next week, a death cross is coming up on the daily timeframe. So all in all it doesn't look such shiny for silver.Nota
2 weeks of an upward correction in silver. Technically the bearish case is still open. Strong resistance ahead at 24.82 USD. I could see silver dropping again from the current week's high but both possibilities are feasible.Nota
consider profit-taking.Operación cerrada manualmente
Closed the trade now. Consider going short again with prices under 22.00 USD.
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