Direct from the desk of Dane Williams.
We've seen Gold breaking out of resistance as markets continue to move toward risk-off, but what about Silver?
Let's bring up a daily chart and have a look at where little brother is at.
XAG/USD Daily:
It's pretty crazy the way SIlver dropped as hard as it did, but has now retraced the entire fall. Now THAT is what's called a V-shaped recovery!
Trading Silver
When it comes to trading around this higher time frame zone, we have to make a choice.
As price is currently below daily resistance, we can take that as sellers having more control of the market than buyers.
For this reason, we want to only be shorting.
Now zoom into an hourly chart and go back to Thursday's price action.
XAU/USD Hourly:
Can you see the nice retest of the first area of short term support that we can use as resistance to enter short off?
This is the intraday zone to watch going into this week. Stay safe out there, team!
Best of probabilities to you,
Dane.
FOREX BROKR | Hive Blog
Higher time frame market analysis.