2020 - the year of Silver
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Let's tackle the bad news first. If you can handle it, the rest is easy.
If 17.50 level is broken down, then I will re-evaluate my analysis on Silver buy calls. Now, it is facing a resistance at 18.16, thus presenting us an opportunity to buy. Wait patiently and observe the price action.
Notice the few closing candles - it is a sign sellers are at that level awaiting to sell down and some buyers are taking profits as well. Once the dust is settled, we will get a clearer picture of the direction.
Put this in your watch list for 2020.
If 17.50 level is broken down, then I will re-evaluate my analysis on Silver buy calls. Now, it is facing a resistance at 18.16, thus presenting us an opportunity to buy. Wait patiently and observe the price action.
Notice the few closing candles - it is a sign sellers are at that level awaiting to sell down and some buyers are taking profits as well. Once the dust is settled, we will get a clearer picture of the direction.
Put this in your watch list for 2020.
Uwaga
guys, be careful now as it approaches 18.16. Take profits now , adjust SL as it is likely to retrace before heading higher. There will be another opportunity to buy at the cheap so do not chase price now.Uwaga
When market is uncertain like what is happening now with US and Iran, investors will flock to safe haven assets like precious metals , i.e. gold, silver, mining stocks, platinum, etc to protect themselves. Conversely, risky assets like equities will suffer from temporary correction which is a good thing for us to accumulate. Thus, if you have bought into these indices, the metals profit will act as a hedge for your portfolio.Uwaga
Praise Lord, the resistance is broken out. Let's wait for pullback before buying again.Uwaga
Now you understand better why it is risky to buy at breakout as evidenced in this chart. It retraces below the resistance level with 2 strong red candles , meaning sellers are coming in to short or buyers are taking profits off the table. At 17.90 now, let's wait and see if it will rebound from here or retreat slightly further to 17.68 area.Uwaga
Good, it is attempting to break out of 18.16 resistance level once more and I think next week we might see some positive actions. Get your ammunitions ready
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