Silver (XAGUSD)Short
The Silver Monster is Hungry for Bulls
Zaktualizowano
Fundamentals:
Tailwinds: Geopolitical tensions and central bank buying continues to put upward pressure on Gold. This has elevated the price of Silver. In addition, inventories of both Gold and Silver at exchanges are extremely low setting up a possible squeeze in London as well as Shanghai. Longterm the future looks incredibly bullish.
Headwinds: Unfortunately for Goldbugs like myself silver has been behaving more like an industrial metal as of late. It quite simply has not performed as many would have expected... sitting at roughly 50% of its ATHs while Gold is at record. Silver has maintained a heavier correlation to Copper which is troubling. The largest consumer, China, is dead in the water economically. When you factor in the possibility of a recession in the US, the immediate future looks very grim for industrial metals.
Technicals: We have reached a major resistance/supply zone. $29.50 -$30 is a serious battle ground for the Bears and the Bulls as demonstrated by the daily rejection candle printed yesterday. A close above $30 will (temporarily) negate my bearish bias. However, a close below the 2 day MA and $29.50 level will confirm the rejection and beg for continued downside. I am not a big fan of "patterns" but... there is a Silver Monster forming. If he shows himself to be real with the completion of his left shoulder he will feast on Bull blood.
Position: I will be selling into strength in the supply zone, reducing my position on weakness while maintaining the core position for a large move if/when it materializes.
Tailwinds: Geopolitical tensions and central bank buying continues to put upward pressure on Gold. This has elevated the price of Silver. In addition, inventories of both Gold and Silver at exchanges are extremely low setting up a possible squeeze in London as well as Shanghai. Longterm the future looks incredibly bullish.
Headwinds: Unfortunately for Goldbugs like myself silver has been behaving more like an industrial metal as of late. It quite simply has not performed as many would have expected... sitting at roughly 50% of its ATHs while Gold is at record. Silver has maintained a heavier correlation to Copper which is troubling. The largest consumer, China, is dead in the water economically. When you factor in the possibility of a recession in the US, the immediate future looks very grim for industrial metals.
Technicals: We have reached a major resistance/supply zone. $29.50 -$30 is a serious battle ground for the Bears and the Bulls as demonstrated by the daily rejection candle printed yesterday. A close above $30 will (temporarily) negate my bearish bias. However, a close below the 2 day MA and $29.50 level will confirm the rejection and beg for continued downside. I am not a big fan of "patterns" but... there is a Silver Monster forming. If he shows himself to be real with the completion of his left shoulder he will feast on Bull blood.
Position: I will be selling into strength in the supply zone, reducing my position on weakness while maintaining the core position for a large move if/when it materializes.
Uwaga
Taking 50% profit here. I will add on a retest of 29.40 zoneUwaga
Reselling 29.70 level. I see more downside next week unless we close above $30.50 Zlecenie zamknięto ręcznie
Unfortunately "Novi_Fibonacci" a moderator on this platform has moderated my post and removed it from suggestions for bringing the head and shoulders pattern to life by adding a mouth. I will not continue to update the idea despite the fact the trade is still active. 
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