Well, President Trump announced that the ceasefire between US-IR is over, and the market crashed! Ever since this week's open, Silver has been on a bearish run, and after President Trump's speech today, it experienced a massive drop from 61.02 all the way to 58.18, just below the Supply Zone! After that it recovered a bit and it is now being traded at around 58.40, still below the supply zone.
If Silver is rejected by the Supply Zone which is at 58.52 to 59.26, further drop for Silver is expected, most likely towards the Minor Sellside Liquidity below the 55.62 level, then a potential upwards move for Silver could be expected.
However, if Silver manages to bounce back up and break above the Supply Zone, we could expect a move towards the 61.03 level, which is the 4H FVG High.
At the moment, the ceasefire is called off, last night the US Navy attacked several targets in Iran soil and tension is at all-time high again. Should the war restart, Silver could drop even lower than 55.62 after sweeping the liquidity there.
Oil is also going higher in price and with these conditions, it could keep going higher with Gold and Silver dropping yet again.
If Silver is rejected by the Supply Zone which is at 58.52 to 59.26, further drop for Silver is expected, most likely towards the Minor Sellside Liquidity below the 55.62 level, then a potential upwards move for Silver could be expected.
However, if Silver manages to bounce back up and break above the Supply Zone, we could expect a move towards the 61.03 level, which is the 4H FVG High.
At the moment, the ceasefire is called off, last night the US Navy attacked several targets in Iran soil and tension is at all-time high again. Should the war restart, Silver could drop even lower than 55.62 after sweeping the liquidity there.
Oil is also going higher in price and with these conditions, it could keep going higher with Gold and Silver dropping yet again.
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Free channel: t.me/AmirAliTrading_Official
Wanna join the Gold, Forex and Crypto Premium channel or do you wanna start the mentorship? Contact me: t.me/Amirali_Trading
Wanna join the Gold, Forex and Crypto Premium channel or do you wanna start the mentorship? Contact me: t.me/Amirali_Trading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.