Today stocks extend gains and American dollar tries to recover from the heavy losses from yesterday.
Silver comes here first today as we are close to a very important resistance created by the upper line of the channel up formation, horizontal level on 16,8 USD/oz and the mid-term down trendline. First attempt to break it was unsuccessful, which creates a chance for a bearish reversal. As long, as we stay above the black long-term up trendline, buyers can be relatively safe.
When trading on Silver it is nice to sometimes look for hints on Gold. Here we do have a very positive sentiment, since the price broke the 1258 USD/oz resistance. As long as we stay above this level and the mid-term up trendline, the buy signal stays alive.
Last one will be the GBJPY, where we do have an up trend and in the same time a bullish correction pattern – flag. What is more, this flag can be broken down into a inverse head and shoulder pattern. Does not really matter as those two promote us a bullish scenario here. For the clear buy signal, we need to wait for the breakout of the upper black line.
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