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XAGUSD: Silver Looks Ready

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In my opinion, silver (XAGUSD) has been a strong buy since June.

That’s when I first mentioned the asymmetric risk to reward ratio.

Shortly after that post, XAGUSD ran from $18 to $30 in a matter of weeks.

But since topping out in August, silver has been quiet.

However, I’ve maintained the idea that XAGUSD is heading higher in 2021, which is why I wrote that it was a “buy the dip” market on October 13, 2020.

So far, so good.

Since last year, we’ve also seen XAGUSD break free from a consolidation pattern I’ve had on my chart.

XAGUSD silver bull flag
XAGUSD daily time frame

That said, you can see that silver has another resistance level to get past near $27.60.

It’s no coincidence that $27.60 is near today’s high so far.

If silver bulls can get above that, there isn’t much to prevent a run at $30.

But as I’ve stated for months, I see no reason why silver can’t rally in 2021 toward not just $30, but also $35, followed by $40.

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XAGUSD daily time frame

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6 comments
Justin Bennett says

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Akhanamhe Emmanuel says

Great explanation, from experience and valid trader/analytics

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Deepak says

Thank you for analysis

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Juliet ekeh says

Your analysis is clear and gainful

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Karisa Kimera says

Thank you Mr. Justin

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Masoud402 says

Thanks for your analysis. Is it reverse head and shoulders?

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