XAGUSD is being rejected by the short-term channel top 30 level and this is now the main resistance for a sharp continuation higher in the long-term third upside wave. We are seeing now a pullback correction to possibly 22. A confirmed break above 30 is now required for the extension higher. As long as XAGUSD is below 30 we could see a pullback to 22. Learn to Trade commodities profitably.
How to trade this?
It is a fact that a strong upside resistance for Q2 2024 is 30 and If we get a confirmed break here we could see a strong upside continuation and new highs. Near-term, short-trade entries have a higher probability of success. Long trade entries are possible only on a confirmed price-action break above 28.60. You can try a short trade here with a stop loss above 28.60. The short-trade entry has a better Risk to reward. For inquiries about account management please write to [email protected].
The Weekly XAGUSD chart reveals a sharp pullback and a dive below 28. As the long-term charts imply, at this point look for the short trade entries or sell positions building as they have a higher probability of success. We will need to see a big break above 28.60 to see an extension higher, an invalidation of the complete downside reversal, and te beginning of the third long-term wave higher.
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As the famous trader says…
“Limit your size in any position so that fear does not become the prevailing instinct guiding your judgment.”Joe Vidich
How to trade this?
It is a fact that a strong upside resistance for Q2 2024 is 30 and If we get a confirmed break here we could see a strong upside continuation and new highs. Near-term, short-trade entries have a higher probability of success. Long trade entries are possible only on a confirmed price-action break above 28.60. You can try a short trade here with a stop loss above 28.60. The short-trade entry has a better Risk to reward. For inquiries about account management please write to [email protected].