Here is my mid-term analysis for Silver. After big fall of value there is a chance for LONG. I will describe why.
The truth is, that Silver broke the long uptrend trendline downwards. Similarly, on the chart was building up a Descending Triangle, which was also broken downwards. This is not good signs for Silver, but there is a possibility of breath.
The marked zone is really strong area, where the price bounced in the past. I don't expect the same boom as before, but i guess there should be a little retrace. The market is really strong OVERSOLD according to RSI, from daily, 3D and weekly chart. We are are far-away from EMA, so there should be a little pull-back. When i look at the chart from Mid-term, i think there could be a pull-back to our targets, because the market is really oversold. We are in the biggest oversold zone on RSI from July 2013. The values, when i expect we can go, will be our targets.
From long-term, the market can make lower value, because Trendline has been broken, triangle also and that is reason, why we have set out SL. But now, i expect a pull-back.
if the market developed well, i would think about bigger targets. Maybe there will be a bigger bounce and it can really happened (i will keep you informed). This is just my point of view, not an investing advice. Trade carefully.
Trade closed: target reached
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We have reached our first target.
Trade closed: target reached
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We have reached our 2nd target and we are few pips below the 3rd target. Congratulate guys!
Trade closed: target reached
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This was long-term trade, but really good with nice profit. We have reached the 3. Target - 15.4 USD. Congratulate! Have a good day.