With the break and closed daily candle above the 200 EMA, XAGUSD (Silver) could be making a move to the upside with a Rally-Base-Rally and Drop-Base-Rally type motion (highlighted by the blue arrow trail), bouncing off Demand Zones. Previous movements (February 2022 & April 2022) off the 200 EMA have been to the upside tremendously as well as it aligning within the Demand Area. Nearest take profit would be around the $22.407 area and Stop Profit would be under the swing low of the current Demand Zone it is sitting in.
But even with this confluence for a LONG BUY, proceed with caution as good ole’ Jerome Powell is set to speak tomorrow.
But even with this confluence for a LONG BUY, proceed with caution as good ole’ Jerome Powell is set to speak tomorrow.
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