SILVER - a downward wave is to be planned

Today, the turning date for silver (XAG/USD) is in focus. With the weakness that already began yesterday, a loss phase lasting until the beginning of the new week - at the same time of the new month - is indicated for the silver price. Great sell-offs should not be expected here, however. Because already to 2. March a already new turning point points itself. This should help the small brother of the gold to new gloss. The quotations could thus fall back in the short term to the area of 26.30 to 26.60 USD, in order to then attack the resistance area of 27.70 USD again in the sense of a bullish counter-impulse. An establishment above this level allows subsequent gains in the direction of 30.00 USD per ounce and higher.

If, on the other hand, the price weakness extends to below the level of 26.00 USD, an extended correction in terms of time and price could open up. This has further downward potential to at least 24.20 USD in the context of the trend line and support break-down that has occurred.

An excerpt of our past turning dates:

- Silver Low Dec. 15, tolerance 2 days
- Silver High Dec 09, tolerance 1 day
- Silver Low Nov 30, tolerance 0 day
- Silver High November 06, tolerance 1 day
- Silver Low October 29, tolerance 0 days

(Our turning dates have an average tolerance of 3 days. In 80% of the cases it is 2 days).

Notice:
Three special analysis methods are used within our G.I. Swing Trading Strategy. Only partial aspects have been published in this article and it does not represent a complete trading system, nor an investment advice or a recommendation to buy.