I have a long bias on Silver, XAGUSD... key reasons..
1. Silver has already made a new all time high and after consolidation, it is making it's way back up forming a steady uptrend movement to retest the highs.
2. Silver is a utility metal unlike Gold, meaning it does have a lot of demand especially due to the growing electric vehicles industry.
3. Silver as a long term investment against the weakening USD due to the Biden $1.4 trillion USD stimulus plan + US Fed keeping interest rates near zero for the rest of 2021
Technicals
1. Alligator is pointing up
2. MACD has crossed up
3. Weakening US Dollar Index
These 3 main ideas give me a long term bias on Silver as a good long trade and now looks like a good time to go in with small positions. If it drops further, just keep taking small long positions and accumulate for future profits.
1. Silver has already made a new all time high and after consolidation, it is making it's way back up forming a steady uptrend movement to retest the highs.
2. Silver is a utility metal unlike Gold, meaning it does have a lot of demand especially due to the growing electric vehicles industry.
3. Silver as a long term investment against the weakening USD due to the Biden $1.4 trillion USD stimulus plan + US Fed keeping interest rates near zero for the rest of 2021
Technicals
1. Alligator is pointing up
2. MACD has crossed up
3. Weakening US Dollar Index
These 3 main ideas give me a long term bias on Silver as a good long trade and now looks like a good time to go in with small positions. If it drops further, just keep taking small long positions and accumulate for future profits.