CaratTrade

XAGUSD will correct lower as Hammer Failed to be Activated

Kort
This idea will not be liked by many as we all hope it will be a great bull, but chart doesnt cheat, 2 weeks ago we have a good hammer at low on weekly chart , weeks has passed at to date we have failed to break pass the hammer hence shows the market is not ready for a silver squeeze, 8H -20H & Weekly chart has yet to print lower low so basiccally the price would remain Bearish. Any rise in silver would be rejected by 24.400 as strong 20H resistance, from here we would see a fall to 22.50, failing to hold this level we shall see a super slide in silver towards 18.500 in matter of hours, Looking at Jackson Hole Outlook- The Feds is preping for a surprise Taper this coming FOMC - For long 18.00 is a very great 10 dollar rise to buy.

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