Silverlong
SILVER - LONGThe counter XAGUSD started travelling in an ascending channel from 10th July. The price movement is very aggressive for the past few days. Today the counter has made an entry in the bottom line of the channel at the price 19.91. It's the right time to go for long.
Place your limits between S1 and R1.
Silver is at Make or Break Point.Silver has been correctly sharply for past 3 days, at the moment (17.46) it is at a make or break level.
If it slides further, it may touch 16.8 followed by 16.2 levels.
Technical indicators are showing weakness at this stage (27-09-19).
Traders taking short positions must exercise caution and keep monitoring charts for trend reversal.
18.04 on the upside will change the trend upwards.
It is probably reacting to news of US China trade talk resumption, but there are enough of news flow that can keep the prices higher.
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Trend-lines on Silver daily charts indicating a reversal.
Silver was seen attempting to re-enter the trend lines channel, after a few days of consilidation.
It did respected the doji that was formed day before yesterday.
RSI 21 also appears to honor support of 50 as it as reversed from there several times.
CCI indicator too is indicating a reversal from lower band of range (-70 to -80).
Chances of an upside from these levels are strong.
Beyond technical, the much awaited correction followed by consolidation is probably over, the news flow is neutral to positive and argue for a gradual recovery.
Any positive news flow can force the short positions to cover and push the prices higher at a much faster pace.
17.40 should be the STOP LOSS for all long positions.