I have been tracking Gold and the DXY for a couple of weeks and they have been valuable comparsions in my trading for obvious reasons. I decided to check out Silver last week which I have never traded before but Silver and Gold move very similar and with the DXY playing a big role in both of these commodities it made sense to check it out and see what's going on there. What did I found? Here:
SILVER (XAGUSD) - Compare Supply zones, Fib extensions after reveresal, Price action & RSI and a critical obvservation: No retest of Supply Zone!
My conclusion: Silver & Gold might find resistance here and either starts accumulating, attracting buyers to break through and making this zone a new Demand Zone OR this is where the bull trap is set and the bears are gathered! Be prepared or get trapped.
SILVER (XAGUSD) - Compare Supply zones, Fib extensions after reveresal, Price action & RSI and a critical obvservation: No retest of Supply Zone!
My conclusion: Silver & Gold might find resistance here and either starts accumulating, attracting buyers to break through and making this zone a new Demand Zone OR this is where the bull trap is set and the bears are gathered! Be prepared or get trapped.
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I recommend you check out my DXY analysis if you found this interesting and/or are trading these commodities!
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GOLD UPDATE:
Supply zone fell short by around 30 pips, zones arent perfect that's why they're zones and not lines. Gold found resistance at previous support close to where accumulation started for the Supply Zone. I could have drawn the zone and included that support area but that would have made the supply zone 100 pips and I wasn't comfortable dong that. If it retraces back up I might enter Short.
Supply zone fell short by around 30 pips, zones arent perfect that's why they're zones and not lines. Gold found resistance at previous support close to where accumulation started for the Supply Zone. I could have drawn the zone and included that support area but that would have made the supply zone 100 pips and I wasn't comfortable dong that. If it retraces back up I might enter Short.
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I'm still Bullish on the DXY and as a result, this is what we may see from now.
Check out my DXY analysis further up on!
Check out my DXY analysis further up on!
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+200 pips so far! Let's go!
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Moving strong :)
