Explanation: XAU/USD Short (Silver)

Good evening fellow Steemians. It's been a while since my last post- unfortunately I've had some thing come up but I am back on! It's been too long to continue my last vi-daily manual for cryptos , though I will probably take this up again later on. Now, lets get back into the trades..

This week I have taken a short position in the XAU/USD pair. For those who are not aware, this is the value of silver against the US Dollar. My analysis to confirm my entry can be seen below:

Here on the Silver/USD pair we have a bearish cypher pattern!
Along with the PRZ of the harmonic , we have an area of support/resistance and a weekly trend line- as shown below. Price has been making consecutive lower lows. With the high D point compared to the B coordinate, I expect price to go into some consolidation before either continuing or reversing at this level.
Risk for a cypher pattern is 1:2 as standard.

Cypher ratios
X:B = 0.382-0.618
A:C = 1.272-1.414
X:D = 78.6%

Here is an overview of key areas of support/resistance. Please note that the stop loss has been adjusted to 18.78555 to accommodate for a 1:2 risk- the analysis above claims 1:2.3; this has been adjusted ever so slight to give any volatility as much breathing space as possible!

Thank you for reading, I will be happy to answer any questions!