I'm going LONG on Silver $XAG here. 🚀
Entry: $58.67–$58.80
TP: $59.00 / $59.44
SL: $58.46
You know what's interesting about silver?
Price has been making lower highs, but buyers are repeatedly defending the $58.50–$58.60 area. The latest bounce came with stronger volume, suggesting buyers are attempting to absorb selling pressure.
Here's the key.
If $58.60 holds and price breaks above the recent local high near $58.90, short sellers could get trapped, creating room for a move toward $59.00 and potentially $59.44.
But this is still a countertrend setup. The broader short-term structure remains weak.
My plan: defend support, reclaim resistance, then target the upside. If $58.46 breaks, the long idea is invalidated.
Entry: $58.67–$58.80
TP: $59.00 / $59.44
SL: $58.46
You know what's interesting about silver?
Price has been making lower highs, but buyers are repeatedly defending the $58.50–$58.60 area. The latest bounce came with stronger volume, suggesting buyers are attempting to absorb selling pressure.
Here's the key.
If $58.60 holds and price breaks above the recent local high near $58.90, short sellers could get trapped, creating room for a move toward $59.00 and potentially $59.44.
But this is still a countertrend setup. The broader short-term structure remains weak.
My plan: defend support, reclaim resistance, then target the upside. If $58.46 breaks, the long idea is invalidated.