Good morning Traders!
XAGUSD
Silver is in an uptrend on the Weekly and on the Monthly timeframes. After a break above the 2450 area (which also confirmed a new uptrend on the Monthly chart), the market has printed a new Higher High and then started to pullback.
This pullback brought the Monthly chart back into it’s Moving Averages, and the last couple of Weekly candles, showed that some buyers have returned to this market.
Looking at the Daily chart, and we can see that the Daily has been printing Higher Lows and somewhat Equal Highs around the level of 2400. And I am looking for a further compression of price underneath this area to allow for a potential tighter stop loss. However, if the market will break this level without further compression, then I will be looking for a potential retracement setup.
One point to note is the area above at around 2450, which could act as strong Resistance for price.
Happy Trading!
