XAG USD clear path to 26+

21 thg 7, 2020

Hello traders & analysts,

Here is out latest update for Silver . We are bullish and would like to share our out look for the next opportunities which can take place.
Now we have hit 21.00 - expect some resistance to occur - why? This is due to the barrier to be broken through.
We will now anticipate the next target of 26.00
at 20.5 we closed 200 units to cash in 450pips - great partial take!

COT data:
Long Short Total %Long %Short
Avg_13 62,368 28,887 91,255 69% 31%
Avg_20 61,214 26,449 87,663 70% 30%
Avg 50 83,059 35,629 118,688 70% 30%
Avg_130 84,123 36,227 120,349 70% 30%

Technically what has happened?
Price was severely undervalued and silver is an important commodity to use for manufacturing sectors.
Commodity currencies rely on this as an export factor e.g. CAD, AUD, MXN, ZAR , RUB, NZD.
We had a great wedge pattern where we entered on a nice engulfing daily candle which broke to the upside.
Price has hit a nice supply zone at 18.3-18.9 zone.

The price in this area can reject and retrace which is an option we are looking for; however keep in mind the bullish structure, price has alot of upside potential.
If price rejects, we will look for a nice clean break from the zone and hedge.

Fundamentals:
Coronavirus re-opening of industries and subsequent purchase power of retailers.
Fear commodity but less attractive than Gold and platinum.
Cheap metal but gains are very high and attractive
China vs USA trade war
Australia vs China mini trade war.
Mexico has large coronavirus numbers but largest producer of silver .

Why follow us?
Updates on our pairs as and when we can.
Swing trade out looks
10 years combined experience in capital markets
simple breakdowns for beginners to advanced .
KISS - keep it simple stupid.
we trade purely from naked charts, less indicators - remove the noise.

If you like our work, please leave a like or comment. To all our followers, we appreciate the follow and likes.

Thanks,
Team Lupa