From my last analysis on SILVER, I said the price is moving inside the horizontal wedge formation, we only can looking the opportunity once the break above or below the wedge formation. Unfortunately, price keep moving inside the wedge this week, you may keep this pair in your watchlist for next week's opportunity if the price will break either one side.
From the institutional point of view, they are all the way bullish on SILVER, in today's new report, long added more than 5.1K and short were added around 3.8k. During the SILVER moving inside the wedge, longs keep added but we still can't see any bullish momentum, this implied they are accumulating their long positions inside the wedge, but shorts were added, this can tell us they may willing to push the SILVER to the downside to triggered their long positions a.k.a buy at the lower price.
The proper way to approaching this pair should be waiting for the price break below the wedge formation and waiting for the retest, then only allow to us looking for any short opportunity on the lower timeframe, and the downside target can be the potential weekly support as shown on the chart. Otherwise, the price can continue moving inside the wedge formation or break to the upside since they are quite bullish on SILVER.
The result might not follow my analysis, this analysis is based on TA and COT perspective.
Comment down below let me know your view on SILVER
From the institutional point of view, they are all the way bullish on SILVER, in today's new report, long added more than 5.1K and short were added around 3.8k. During the SILVER moving inside the wedge, longs keep added but we still can't see any bullish momentum, this implied they are accumulating their long positions inside the wedge, but shorts were added, this can tell us they may willing to push the SILVER to the downside to triggered their long positions a.k.a buy at the lower price.
The proper way to approaching this pair should be waiting for the price break below the wedge formation and waiting for the retest, then only allow to us looking for any short opportunity on the lower timeframe, and the downside target can be the potential weekly support as shown on the chart. Otherwise, the price can continue moving inside the wedge formation or break to the upside since they are quite bullish on SILVER.
The result might not follow my analysis, this analysis is based on TA and COT perspective.
Comment down below let me know your view on SILVER