SILVER (XAGUSD) - BUY - 19th May 2022




SILVER (XAGUSD) - BUY - 19th May 2022 (Closed)


Evening team!

We are taking another look at metals, however turning our attention to silver. There has been a number of technical patterns indicating a bullish phase to the upside should unfold over the next couple of days. The weaker DXY is also playing into higher metal prices.

SILVER Daily Chart

The MACD has crossed over the the upside after a pro-longed period of selling pressure. There is also a major support zone coming into play at the 20.60 area.

There is also an inverted head and shoulders structure in play indicating a bullish move to the upside.

BUY Market execution, current price 21.70, stop loss 20.70 and take profit zone 23.63

Stop loss: 100 pips

Take profit: 193 pips

 

Trade Setup
BUY - Market Execution

Entry
21.70

Take Profit
23.63

Stop Loss
20.70