XAG/USD Forex Signal - 22 July 2019

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Silver: Bullish new 1-year highs

Today’s XAG/USD Signals

Risk 0.75%.

Trades must be entered between 8am New York time Monday and 5pm Tokyo time Tuesday.

Short Trade Ideas

  • Go short following bearish price action on the H1 time frame immediately upon the next touch of 16.50.

  • Put the stop loss 1 pip above the local swing high.

  • Adjust the stop loss to break even once the trade is 10 cents in profit.

  • Remove 50% of the position as profit when the trade is 10 cents in profit and leave the remainder of the position to ride.

Long Trade Ideas

  • Go long following bullish price action on the H1 time frame immediately upon the next touch of 16.25 or 16.00.

  • Put the stop loss 1 pip above the local swing high.

  • Adjust the stop loss to break even once the trade is 20 pips in profit.

  • Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

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XAG/USD Analysis

Silver has moved to the centre of speculative interest in the markets as it rose very strongly last week to hit new 1-year high prices just above $16.50 per ounce. We had a sharp pull back and the price has not exceeded last week’s high. However, there is now support at $6.25 which looks healthy and if it holds up, we have a good chance at another bullish breakout beyond $16.50. It is still very possible there will be good long trade opportunities in this commodity and anything making strong new 1-year high prices deserves attention.XAGUSDThere is nothing of high importance due today regarding the USD.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment.
Learn more from Adam in his free lessons at FX Academy.