The Precious Metal Silver (XAG/USD) Is Setting Up For a Quick Run Up!

 In Market News, Technical View, Trading Signals

The Precious Metal, Silver (XAG/USD),  Is Setting Up For a Quick Run Up!

Silver price has been on a declining trend since 2011, then in April 2016 we saw silver price attempting a first price breakout that continue up to August 2016. In the past couple of years Silver price has been trading sideways while confirming price support again at prior lows $13.70 (see charts below). Currently, we see silver price regaining momentum which might allow the price of silver to finally go on a decent price run up. We identified to price targets for traders that going to buy silver today, one price target is at minor resistance level on chart at $16.60 and the second just under long term price resistance level $20.50 (which is also a 26% fib entrancement level). The Silver market enjoys the future growth in the demand for electric car batteries. considering the low risk/ high reward setup we suggest traders to BUY XAG/USD at current $15.80 level and set 2 take profits targets at $16.60 and $20.50. To protect the trade use a stop loss at the $14.0 level.

 

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