Silver (XAGUSD) how to construct a trade:

30 jul

Medium bullish take:

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:

1. We're trading in a Bullflag at the $30 level
   
2. Triple top, we're not quite ready to hold above the level
   
3. Find nearby price targets
   
4. Establish long term support lines
   
5. 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 https://www.tradingview.com/chart/SILVER/VsWPkgpC-Silver-to-consolidate-break-above-30-by-November/

18 sept

Nota

Alright, its been a couple of months - time for a Silver update.


It looks like XAGUSD is following our map. We just experienced the anticipated pullback from the $31 level (in yellow) we marked in July. We're watching the price to see if we bounce from the horizontal $30 level or if we need *one more* higher low before taking off! Regardless, we're on track for our break above $30, with a strong chance we can run towards $35+ depending on Fed decisions and whatever US election or geopolitical shocks we see before EOY. Keep stacking, folks!