Silver (XAGUSD): Position Update and Next Steps

23. Aug.

We entered at the wrong Fibonacci retracement level but still respected the 50% level very well, which is encouraging. Additionally, we’ve broken the bearish structure again and are now looking for more upside on silver after another slight dip.

This is our second entry on Silver, so we're taking some profits off the table here and might consider another entry on the upcoming dip. We considered moving the stop loss higher but have decided to keep it where it is for now, closing it manually if necessary.

As mentioned in the chat, taking profits is never wrong—you can't go broke by taking profits.

Let’s zoom in a bit here to find a nice small position play on the lower time frame for Silver. We have two Swings running in profit, and I personally want to increase my exposure to silver at this time. We’re going to bid on this wave (iv) at the 50% Fibonacci level with a tighter stop loss. We’ll update you once we’re filled or if we decide to cancel this bid. ✅