XAGUSD triangle, long support base nearly 2 years duration
2 charts of XAGUSD, monthly and weekly charts showing a 2-year support base and XAGUSD poised for a potential upwards breakout and best performance since 10 weeks. For long term investors, end-of-week close and end-of-month performance should provide clear input.
Looking for bullish signal to long side
- Monthly chart at top shows support base of 2 years duration from May 2016 to present.
- I am taking the long spike below in July 2017 as an outlier or fluke.
- XAGUSD is resisted by two trend lines, one connecting extreme highs, the second connecting end-of-month close.
- Highest traded price in 2018 set in January at 17.68.
- In these charts captured today, last traded price of XAGUSD at 16.90.
- Best end-of-week close in the last 10 weeks was 16.65. We want to see how this pair closes end of this week.
- If XAGUSD retains this current traded price on Friday, it should be considered a bullish signal. If it closes below 16.65 again, consider that this 10-week resistance could be very strong, that there might be a lower move.
- Making a new 52-week high would be a very positive signal, as well as an end-of-month close/breakout above both trend lines.
Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.
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