SILVER Respecting Fibonacci Extension|Range Trading|Macro Levels
Evening Traders,
Today’s Analysis – SILVER – an impulse move back into its range from oversold conditions, breaking resistance will likely test the 2.618 Fibonacci Extension.
Points to consider,
- Range trading between macro levels
- Fibonacci Extension levels being respected
- Major structural resistance level to breach
- RSI in overbought
SILVER is back in its long term range while respecting its Fibonacci Extension levels.
The oversold bounce lead to its impulse move into structure, now testing the 1.618 Extension
Major yearly structural resistance needs to be breached; this will increase the probability of testing the 2.618 Extension. It will likely be an impulse break due to the nature of the resistance.
The RSI is currently in overbought conditions, a price retracement from current Fibonacci Extension will cool it off.
Overall, in my opinion, SILVER will likely reject from structural resistance and consolidate in its range. However a break and close above resistance will make the next immediate target the 2.618 Fibonacci Extension.
What are your thoughts?
Please leave a like and comment,
And remember,
“There are no guarantees in trading. The sooner you accept that you sooner you can release your expectations and focus unconditionally on a proven process.”
― Yvan Byeajee
Today’s Analysis – SILVER – an impulse move back into its range from oversold conditions, breaking resistance will likely test the 2.618 Fibonacci Extension.
Points to consider,
- Range trading between macro levels
- Fibonacci Extension levels being respected
- Major structural resistance level to breach
- RSI in overbought
SILVER is back in its long term range while respecting its Fibonacci Extension levels.
The oversold bounce lead to its impulse move into structure, now testing the 1.618 Extension
Major yearly structural resistance needs to be breached; this will increase the probability of testing the 2.618 Extension. It will likely be an impulse break due to the nature of the resistance.
The RSI is currently in overbought conditions, a price retracement from current Fibonacci Extension will cool it off.
Overall, in my opinion, SILVER will likely reject from structural resistance and consolidate in its range. However a break and close above resistance will make the next immediate target the 2.618 Fibonacci Extension.
What are your thoughts?
Please leave a like and comment,
And remember,
“There are no guarantees in trading. The sooner you accept that you sooner you can release your expectations and focus unconditionally on a proven process.”
― Yvan Byeajee