Technical: Silver tanked to Fibo 50 with indecisive RSI
It's been some time since silver dropped to 22USD and technicals showed some bullish momentum down on the red/green divergence lines.
Regarding my analysis and engaging long position one could have made several %'s. Additional increase of the position at the zero fibo-line pin bar would bring man another fruits.
Now, after the correction, indicators are where we want them to be! Well, not yet - we still want to confirm the revival. But chances are there will be a turnover close to this area, if ever.
The situation is all the same but yet different - the fundamentals differ. Covid cases around the world, especially in Europe have now reached another peak which may affect the commodity price in short run.
Considering both factors, technicals may send out signals to patiently wait for a setup and hunt down pips after proper confirmation, while fundamentals would laugh at technicals as jokers trying to predict the unpredictable among current market situation.
Regarding my analysis and engaging long position one could have made several %'s. Additional increase of the position at the zero fibo-line pin bar would bring man another fruits.
Now, after the correction, indicators are where we want them to be! Well, not yet - we still want to confirm the revival. But chances are there will be a turnover close to this area, if ever.
The situation is all the same but yet different - the fundamentals differ. Covid cases around the world, especially in Europe have now reached another peak which may affect the commodity price in short run.
Considering both factors, technicals may send out signals to patiently wait for a setup and hunt down pips after proper confirmation, while fundamentals would laugh at technicals as jokers trying to predict the unpredictable among current market situation.
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