How much a slight different in girth and angle of rise can make to one’s perception. No matter how I look left and right, I am definitely bearish of XAGUSD but wavering between bullish and don’t know for XAUSGD. Both pairs are now sitting on support.
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.
Price action in 8 forex, stock indices charts might be shaping up Q3 to be market top for the whole of 2016. When viewed against the big picture all of them looks just like retracement. The levels are clear, the confirming price action is clear, just need the trigger to show when.
This post follows up XAGUSD price action after it’s throwback to former 52-week high with a look at 3 support and resistance levels.
There is a gap between XAGUSD’s most recent observed support and former 52-week high. A throwback could push price back to former level thereby closing gap. For longs at existing price, that is an over 6% loss, gut wrenching if one is on a leveraged trading account.