Forex Trading Library

Silver (XAGUSD) – Shooting star posted on weekly chart

Trade Ideas

By Steve O'Hare Last updated Oct 30, 2021

Technical

XAGUSD – Correction lower after shooting star formation

Weekly: Remains contained within a bearish channel formation. The Ichimoku cloud has capped gains and a shooting star candle has been posted.

Daily: A bearish evening star has formed after a rejection from the previous swing high ($16.19). Selling has continued from the 61.8% Fibonacci retracement level of $16.00 (17.32-13.87). Further downside is expected to target support near the previous resistance turned support at $14.92

We look to sell at $15.90

Stop: $16.25

Targets: $15.00 & $14.00

Update: Short triggered at $15.90

Steve O'Hare

Steve has traded and analysed financial markets for over 30 years.
He started on the Baltic Exchange with Cargill Investor Services in 1987 trading Commodities. Following this Steve went on to work in a number of senior trading roles on LIFFE.
From 1995, Steve then traded his own account, specializing in European Fixed Income markets. For many years he ran his own proprietary trading company, facilitating and educating traders.
In 2012 he joined PIA-First and assisted in restructuring the company and help build it into one of the UK’s leading, award-winning independent research houses.

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