As you can see in the previous silver analysis which has been tagged to this new analysis we forecast the 4H time frame bullish move and also we knew that we are in higher time frame bullish trend.
Now again price had a bearish corrective move in lower time frames and reached 0.61% Fibonacci ratio as well as important static support area, which gives us another opportunity to go long in silver one more time or the opportunity to add to our previous trade in case you are long time trader and your previous trade is still open.
Price currently is sitting on an important support area and also we can see reverse bullish divergence in 4H time frame which suggest to us that price can now start another bullish move. in spite of that price is above our EMA 144 which act as a support for us. Another confluence would be lacking of bearish momentum and seller participations in the market which you can see the result of this in changing cycle amplitude in lower time frames.
For trading I suggest it would be best if you wait for price to come above EMA 144 in 15M time frame and then you execute your buy trade. Our first target would be the previous High which is around the price of 24.660 but since we are in bullish trend in Higher time frame you can probably manage your trade in order if the price managed to breach the resistance area and goes above the previous High.
@hamidreza_FX, it wasn't a good signal Hamidreza. although I believe in following days we will see silver rise again but my timing for this move was incorrect and I didn't see the weakness in bullish move. But thank you
hamidreza_FX
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@mohemati, Hi mohemati I don't think you can predict a lot of fluctuations in the market because of the fundamental news, and you have to focus on the long term, which you did. I think your analysis was correct. Good luck my good friend
MrSerko
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Mohemati, What is your opinion on its heavy fall today?
mohemati
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@MrSerko, well not happy about it obviously, but in my opinion nothing changed so far and in Daily time frame we are still bullish and our uptrend move is still unattached. So we can see this drop as a deeper retracement and as you can see in the chart price has just reached the other horizontal support barrier. So as long as price is above this barrier or around 23.100 price we can look for upward continuation and see the idea that I published as an early signal.