XAG/USD | Break above the FVG (READ THE CAPTION)

Apr 15

By analyzing the 4H chart of Silver we can see that after it reached 81.023 in the earlier hours of today, it dropped in price, reaching 78.2401 before bouncing back up now being traded at 79.3200.

Silver went above the 4H FVG Consequent Encroachment which is at 79.4154, but failed to stabilize above it, and now is retesting the C.E. to go above it once more. I expect Silver to eventually go above the C.E. and stabilize there and then go for the FVG High at 81.9026, and then go above it to reach the 82.5542 to sweep the liquidity pool above it.

Targets: 79.8000, 80.2000, 80.6000, 81.0000, 81.4000, 81.8000 and 82.2000.

However if Silver fails to go above the C.E. and drop back lower, first support for it will be at 77.6525, and then if it loses this support, next target will be at 76.5000.
At the end, we must take the geopolitical tensions into account which could send Silver all the way down to 70.0000! Or pump it much higher back to the 90.0000 level!
For the time being, the bearish targets for Silver in case of dropping below the FVG C.E.: 78.5000, 78.0000, 77.5000, 77.0000, 76.5000 and 76.0000.

Apr 17

Trade closed: target reached

Silver hit all targets after the news came out that Strait of Hormuz has been reopened. Silver reached 83.05 and then dropped, being traded right now at 82.400. Next targets for Silver are 83.5000, 85.5000 and 87.0000.