Hello Traders,
Here is the Top-Down Analysis of SILVER - XAGUSD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 43 - 19 Oct
M > Price moved bullish breaking several structure levels to stop at monthly support now turned resistance and moved down for correction. After a huge impulse we expect price to retrace till 0.382 or 0.5 Fib levels on last impulse. Both levels coincide with monthly resistance which now act as support.
W > Price dropped in between 0.382 and 0.5 level with weekly candle closing at 0.382 level, this level coincides with daily demand zone. Since then price is making upward move. We can see an M formation and expect price to continue with upward move to test neck and complete formation. Neck is few pips below daily supply zone created during last consolidation.
D > Price is creating HH and HL on its way up and with impulsive candle had broken and surpassed daily support/ demand zone turned resistance but dropped to create next LL. Price is moving in a triangle.
As per COT SILVER saw addition of both Long and Short, but net positions reduced slightly whereas Commercials again saw lowest Long Position for this year, with improvement in open interest Silver enhanced its position for the said week. Silver however weakened last week.
4H > Price is making HH and HL and is facing rejection at resistance created by 4H supply zone. Due to its correlation with Gold we can expect price to drop before continuing its upward move for our target. It can drop to test 0.382 Fib level again.
Pair Correlation > Silver has positive correlation with EURUSD, EURJPY, AUDUSD, AUDCAD and Gold and negative correlation with USDCHF.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of SILVER - XAGUSD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 43 - 19 Oct
M > Price moved bullish breaking several structure levels to stop at monthly support now turned resistance and moved down for correction. After a huge impulse we expect price to retrace till 0.382 or 0.5 Fib levels on last impulse. Both levels coincide with monthly resistance which now act as support.
W > Price dropped in between 0.382 and 0.5 level with weekly candle closing at 0.382 level, this level coincides with daily demand zone. Since then price is making upward move. We can see an M formation and expect price to continue with upward move to test neck and complete formation. Neck is few pips below daily supply zone created during last consolidation.
D > Price is creating HH and HL on its way up and with impulsive candle had broken and surpassed daily support/ demand zone turned resistance but dropped to create next LL. Price is moving in a triangle.
As per COT SILVER saw addition of both Long and Short, but net positions reduced slightly whereas Commercials again saw lowest Long Position for this year, with improvement in open interest Silver enhanced its position for the said week. Silver however weakened last week.
4H > Price is making HH and HL and is facing rejection at resistance created by 4H supply zone. Due to its correlation with Gold we can expect price to drop before continuing its upward move for our target. It can drop to test 0.382 Fib level again.
Pair Correlation > Silver has positive correlation with EURUSD, EURJPY, AUDUSD, AUDCAD and Gold and negative correlation with USDCHF.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
Trade active:
Bearish Target achieved