As I elaborated in my previous idea regarding precious metal silver (see related idea) that tide is bearish for sure. We are witnessing a complete subjugation of the silver metal price to the USD. It tried to retest the last support region starting at 21.10 but miserably failed giving out an outrageous weekly bearish engulfing like Gold. What we are expecting is that the silver metal will retest the target zone 1, starting at 18.50 and ending at 17.10, Breaking here we can be expecting 15.xx and lower, extending to lower target zones. Apparently, that dragonfly doji on monthly timeframe for the month of July, 2022 means little for now.
As for my fellows thinking that "Bulls might appear at any time", it is unlikely to happen before at least it touched 18.5. Please take care of your capital and always follow the trend.
Trading suggestions:
1- We might see a little correction at this point, since we had a fairly large bearish engulfing marubozu on weekly
2- The most probable level ahead is 18.1-18.5
3- We are not sure if we might get to see double bottoms at 18.1-18.5, therefore, make no assumptions that it might be heading lower before the decision of yearly lowest price is made i.e. 18.13
4- If 18.13 is broken, we might see lower 17s very soon
5- Avoid long positions
6- Ensure proper risk management
Happy trading and Happier profits :)
As for my fellows thinking that "Bulls might appear at any time", it is unlikely to happen before at least it touched 18.5. Please take care of your capital and always follow the trend.
Trading suggestions:
1- We might see a little correction at this point, since we had a fairly large bearish engulfing marubozu on weekly
2- The most probable level ahead is 18.1-18.5
3- We are not sure if we might get to see double bottoms at 18.1-18.5, therefore, make no assumptions that it might be heading lower before the decision of yearly lowest price is made i.e. 18.13
4- If 18.13 is broken, we might see lower 17s very soon
5- Avoid long positions
6- Ensure proper risk management
Happy trading and Happier profits :)
Trade closed: target reached:
Price hit the first target zone today :-)
