SILVER - SAFE HAVEN -
Added 2024-09-16 11:05:27 +0000 UTCSilver is enjoying itself out there, after the ECB rate cut last week causing a bounce out of the wedge and above $30 and now a further continuation this week on the increased expectation that the Fed will cut by 0.5% now, Silver is showing a very nice set up this week.
I have added in the 1.618 Fib, as always when we get a pull back to the 0.618 Fib here at $27.8, to show where this bounce can run to and it is not a surprise to see the 1.618 Fib aligned with our First Target at $33.70
We always want to see a retest of a large support/resistance level, so a retest of $30 will be welcomed, we waited for this between May and July and on the retest the price did not hold the $30 level so it is something we need to always remember.
A retest of $30 and I will be happy to add again.
Comments
Same here. Wait for retest. Don’t chase.
DC
2024-09-16 14:32:33 +0000 UTCPlan right now is to just wait, $30 is a very important level and I hold a lot of Silver right now so only a rest of the $30 level would push me to add again
Gareth Neary
2024-09-16 12:07:28 +0000 UTCSorry if this has been covered somewhere else, but if it keeps gong up and doesn't test $30 again, going above wave 5 , what is your plan regarding adding?
Matt C
2024-09-16 12:03:52 +0000 UTC
