Hi Traders, here comes another market breakdown on Silver (XAGUSD). Silver has been in an overall broader range/ channeling formation for some time. Recently price attempted to dip below 22.50, went towards 20.50, but immediately bounced back to 22.50 again forming some tight consolidation.
This type of market condition is usually when i will take a step back and observe first, then take action later. If at any point price begins to show strength breaking above 22.50, that will be the primary signal of buying opportunity, calling the breakdown below 22.50 a Fakeout scenario.
However, further rejections at 22.50 could indicate short-term weakness, providing you an opportunity to go short.
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Let me know your thoughts on UJ in the comment section below.
Take care and trade safe.
All the content I've posted are for educational purposes, please perform your own research and only take it as a reference.
This type of market condition is usually when i will take a step back and observe first, then take action later. If at any point price begins to show strength breaking above 22.50, that will be the primary signal of buying opportunity, calling the breakdown below 22.50 a Fakeout scenario.
However, further rejections at 22.50 could indicate short-term weakness, providing you an opportunity to go short.
If you enjoy the content, make sure you follow my profile and give me a thumbs up for daily fx forecast & educational content.
Let me know your thoughts on UJ in the comment section below.
Take care and trade safe.
All the content I've posted are for educational purposes, please perform your own research and only take it as a reference.
