Hello Traders Silver is still bearish. We are working the final bearish wave of a WXY pattern where wave W is a Zigzag Wave X is a Triangle and wave Y should unfold on a 5 wave impulse Please share your opinion in the comments below.
Wow yeah agreed, however do you consider fundamental news on the dollar?.. we have seen how US DOLLAR behaves during positive news , gold laterally crashed and most technical analyst were on bullish biases, it lost $90 and now i see that you’re agreeing that XAG$ would drop to $19.000 ... kindly further explain if misunderstood your analysis.....
AlexPalmaFXTrader
⋅
@WEALTH_STREET_FX, I just do technical Analysis. I agree with you how positive news for the dollar have affected price tremendously . I'm not saying XAG will drop to 19, those are Fibonacci levels where i expect price will find support, 1 target was already achieved which is 1.0. will it reach the next 2 targets?.. I don't know. Price volatility for Gold and Silver have been low after the big sell off that occurred last week and when the market opened on Sunday.
Bottom Line.
My personal opinion is that Gold and Silver bear market Cycle is getting close to an end on a technical view
I'm still bearish on Gold and Silver (Short term) however in a long term i'm bullish and expect XAG trading above S31 and XAU above $2100.
imperfectfx
⋅
entry point for short?
AlexPalmaFXTrader
⋅
@imperfectfx, i don't have 1 yet, it looks like a small triangle formation in 1 hour timeframe is unfolding, wait for breakout below trendline to enter short