XAGUSD - Silver Short Setup

From a COT perspective, Silver has started showing a weaker momentum than before in its long size contracts. That doesn't mean that a second top won't happen and this is why we will capitalize from it.

The 0.5 Fibonacci level at 20.50000 is now a serious demand zone since it is a monthly critical level and it also aligns with the neckline of the "W" structure seen on the monthly timeframe. Our TP will be determined according to it.

Happy Trading!