Silver / U.S. DollarShort
POTENTIAL SHORT OPPORTUNITY SILVER (XAGUSD) SWING TRADE
Updated
Hey everyone hope you are having an amazing weekend so far and a blessed Sunday! I just wanted to get on here and do a post for a potential setup I see happening in the near foreseeable future and wanted to share with the Trading View community! So let's dive in!
OK so when looking at Silver first thing off the bat is that Silver just came off a large run from around mid $27 per ounce to now sitting at $32 per ounce in prices obviously showing a pick up in demand as uncertainty around the US Dollar and it's future are in question I'm sure. But aside from the psychological side we can see that prices now are sitting at multi-month/ multi-year premiums and are showing us the buyers momentum is really slowing down as well. This is what caught my eyes for this commodity and the potential to short this commodity in the near term (next 2-6 weeks).
Price is also sitting at a previous level of supply & giving us bearish divergence with the weekly & daily highs, hinting that we may potentially see some downside in the near future as well. With prices being at premiums and with the technical confluences it is giving it led me to think that the probability for the next move on Silver is going to be to the downside.
Alright guys hope you enjoyed! If you did please boost this post and follow my page for more accurate analysis and potential trade setups! God bless!
OK so when looking at Silver first thing off the bat is that Silver just came off a large run from around mid $27 per ounce to now sitting at $32 per ounce in prices obviously showing a pick up in demand as uncertainty around the US Dollar and it's future are in question I'm sure. But aside from the psychological side we can see that prices now are sitting at multi-month/ multi-year premiums and are showing us the buyers momentum is really slowing down as well. This is what caught my eyes for this commodity and the potential to short this commodity in the near term (next 2-6 weeks).
Price is also sitting at a previous level of supply & giving us bearish divergence with the weekly & daily highs, hinting that we may potentially see some downside in the near future as well. With prices being at premiums and with the technical confluences it is giving it led me to think that the probability for the next move on Silver is going to be to the downside.
Alright guys hope you enjoyed! If you did please boost this post and follow my page for more accurate analysis and potential trade setups! God bless!
Trade closed: target reached
Take Profit 1 was already hit! off to great startTrade closed: target reached
Take profit 2 was hit earlier as well! Nice reaction here from levelNote
Should continue to see some follow through to the downside on Silver this upcoming week
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