Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Extracted posts

  • Post #1
  • Quote
  • First Post: Jan 24, 2023 2:28am Jan 24, 2023 2:28am
I have a sell triggered at $23.586.

Reasons:
1. Engulfing Bearish formed on the daily, on 17 January.
2. There is an engulfing bearish formed on the hourly as well.

I'm looking for a close below $23 today. The USD should rally in London and US session.
Quoting XagBulletFx
I have a sell triggered at $23.586. Reasons: 1. Engulfing Bearish formed on the daily, on 17 January. 2. There is an engulfing bearish formed on the hourly as well. I'm looking for a close below $23 today. The USD should rally in London and US session.
I exited at $23.375. Don't like the fact it broke $23.720 during London session.
Quoting sisucoro
{quote} yeah, and even that right now the price is in an interesting point, there is still some room to go up till price reaches 2077.00, being said that price action is fractal, and there is always some oportunites to both direction trough all the day, all depends your style obviously
I'm waiting on BoC's decision on their rates. It similarly has no impact on XAG/USD, but CAD being a commodity currency, could tilt the direction for metals (tilt, not change). If BoC comes out bullish, it can spark a rally in XAG/USD. We already know the USD remains suspectible (although I am not agreeable to this USD weakness).
Quoting XagBulletFx
{quote} I'm waiting on BoC's decision on their rates. It similarly has no impact on XAG/USD, but CAD being a commodity currency, could tilt the direction for metals (tilt, not change). If BoC comes out bullish, it can spark a rally in XAG/USD. We already know the USD remains suspectible (although I am not agreeable to this USD weakness).
CAD took a beating, I was wrong about that, but for some reason, XAG/USD rallied. It seems that USD bulls are still missing in action, especially during NY sessions. GBP/USD and EUR/USD rallied as well, it would be interesting to see if GBP/USD closes above 1.24 and if EUR/USD can break 1.0930 resistance. This suggests there is at least some room for further upside to XAG/USD. I think USD is undervalued at the moment but the market isn't holding this same view, at least for now. I will be looking for sell opportunities with an eye on weekly resistance at $24.300. It should be noted the high for 2023 is $24.575 which also coincides with weekly R2.

Time to take a rest but I will be looking for sells tomorrow. GDP and Initial Jobless Claims data are events that can cause massive volatility so I will be cautious and wary near these timings.
Hello guys, I'm back to share my analysis.

XAG/USD is currently down 1%, which looks like the bears are winning. However, $23.600 means we are still on a higher low and $23.975 represents a higher high as well. This presents a bullish case and today might just be a correction. In fact, we may see a reversal during US session. If data is bad, USD might get dumped big time again and the rally can begin.

Dow is also barreling into the weekly 33,900 resistance and we have to consider if "recession fears" somehow surface again and a rotation into precious metals might trigger.

Yen pairs are also barreling into the highs of the year and should face resistance as well. Gold might see flow of funds and Silver can enjoy a spillover effect.

I'm looking for good sell positions in XAG/USD tonight. This is not a level I want to enter into a position. Still on the sidelines, looking for shorts above $24.100.
Sell on $24.100 triggered but the one at $24.300 did not, missed by a little.

A higher high was made, I am selling off weekly resistance but whether this will be a pullback before continuation of (bullish) trend or a reversal depends on whether bears can make a lower low. I'm looking for an hourly close below $23.600 and it has to stay below $23.800 on today's close. Otherwise, I'm more inclined towards cautiously bearish.

DXY is pushing 102 again but for this week, it has been failing at 102 so I am also very concerned if we are able to get a close above 102 on the day for bullish confirmation.

Lagarde speaks tomorrow as well so we might see flows into Gold and a spillover effect on Silver can occur as well.

Leaving the trade to run for now, let's see where the XXX/USD pairs goes. EUR/USD, GBP/USD, AUD/USD, NZD/USD, XAU/USD and XAG/USD are all red for the day, something that hasn't happened for a long time (AU and NU are barely red though). This is a show that USD bulls are finally back in full swing and it is simply USD being bought across the board. If we want to see XAG/USD make a huge fall (for huge profits), we need USD bulls to be fierce. They appeared tonight but let's see if they stay the entire party. I want DXY to see a close above at least 101.800 today. It would be truly meaningful if DXY breaks 102, even if it is just a pierce and settling below.

That's all for today, thank you.
  • Post #7
  • Quote
  • Last Post: Jan 27, 2023 9:20am Jan 27, 2023 9:20am
Quoting XagBulletFx
Sell on $24.100 triggered but the one at $24.300 did not, missed by a little. A higher high was made, I am selling off weekly resistance but whether this will be a pullback before continuation of (bullish) trend or a reversal depends on whether bears can make a lower low. I'm looking for an hourly close below $23.600 and it has to stay below $23.800 on today's close. Otherwise, I'm more inclined towards cautiously bearish. DXY is pushing 102 again but for this week, it has been failing at 102 so I am also very concerned if we are able to get a close...
Hello everyone, it's the last trading day of the week. My sell at $24.100 is doing great at the moment, playing under $23.600, which is encouraging for me. However, today's USD rally is weak, with other XXX/USD pairs down but not by much. If USD bears challenge, pairs like AUD/USD and NZD/USD could easily end green. USD bulls are not buying aggressively across the board. This is not encouraging for my sell. 102 on the DXY isn't broken either and I don't like that. The last time Silver broke below $23, DXY was above 102.

On the brighter side, it looks like we are going to get a close below $23.600 today, which points towards a trend reversal. Next weeks should be bears leading the way but a tumble below $23 will need more strength from DXY. I think two days ago, I TP my sells at $23.375, which is a number we did not breach today (as of now). We still need to push for a lower low this week to validate the strength of this trend.

Ball is in bears' court at the moment, let's see how they play it out. I have a good buffer so I'm not worried. As long as we close below $23.600 today, I will be happy. If we close near it or even above, I might have to protect my trade via trailing.

Will give another update after the market closes today. Home sales data might rock this (no idea which direction), but I do not expect it to change the trend.

Thanks.
0 traders viewing now