XAG/USD | Towards the $83 resistance!

May 8

As you can se in the 2H chart of Silver, after yesterday's massive bullish run, it got corrected a bit and dropped from $82 to 78.32, but then after today's open, it surged in price again and currently it's being traded at 81.25. Based on the previous analysis, our target at 83.05 remains an strong resistance.

I expect Silver to retest and overcome the 4H FVG High at 81.9026 one more time and go towards the liquidity above the 83.05 level and after that, towards the 84.48 level.
Targets: 81.50, 81.80, 82.10, 82.40, 82.70 and 83.00.

However if Silver fails at retesting the 4H FVG High, it'll first drop to the 80.80 support level, if it fails to bounce back up from there, further drop towards 79.50 and 78.60 is expected.

May 11

Trade active

As you can see in the 2H chart of Silver, it has been consolidating for a while after the explosive bullish move last week. At the moment, Silver is being traded at 81.0000, just above the April 20th NWOG High, and it has been in the same range, failing to retest the 4H FVG High at 81.9026.

I expect Silver to eventually retest the 4H FVG High and go above it to sweep the liquidity first above the 82.13 level and then the massive pool of liquidity above the 83.05, finally breaking above the 83.00 resistance.

However if Silver gets rejected by the 4H FVG High, it could drop back to the 80.80 and then 80.34 and finally 79.40 levels respectively.

May 11

Trade closed: target reached

83.05 liquidity swept, target reached, position closed.