XAGUSD: Silver might initiate a retracement soon

If you want, you can take the long side, but I anticipate it will be disappointing, IF it bottoms here for a couple weeks. It's possible a retracement in a downtrend starts, but it's not 100% clear just yet.
If over the next 5 days we don't make any new daily low, it'll be confirmed, and might produce a similar price action to the previous retracements.
Taking the long side, you can buy gradually over 5 days, starting today, with a stop under today's low, aiming to risk a total of 0.5-1% once you have a full position after this time passes.

Good luck, and Merry Christmas.

Ivan Labrie.

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Following the plan.

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We can trail stops to the yellow line here: 15.964

RgMov is soaring so we can expect more upside here.

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On track, it might go a tad higher still.

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It took the orange path and landed on weekly resistance now. Let's see if it breaks and the risk off move extends, or, if it tops around here.

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Very strong rally, see related ideas for the updated chart.

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I closed all silver longs.

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