Silver has been trading inside a Falling Wedge since the early September Top (1D RSI = 37.923, MACD = -0.187, Highs/Lows = -0.1939) and is currently on the Lower Low. 1W is turning neutral as the Wedge is close to exhausting its limit. The 1D MA200 is approaching to provide Support.
Based on the 1D RSI and MACD patterns, there are a lot of similarities between the September - December sequence and January - March fractal. On the RSI side both display a Channel Down, while the MACD is consolidating on its lows.
According to that we've reached the conclusion that XAGUSD is at or close to its new long term bottom (the Jan-March fractal made the bottom on the symmetrical support provided by the last Higher Low). Expect an aggressive bullish break out by January 2020.
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Based on the 1D RSI and MACD patterns, there are a lot of similarities between the September - December sequence and January - March fractal. On the RSI side both display a Channel Down, while the MACD is consolidating on its lows.
According to that we've reached the conclusion that XAGUSD is at or close to its new long term bottom (the Jan-March fractal made the bottom on the symmetrical support provided by the last Higher Low). Expect an aggressive bullish break out by January 2020.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial