Hello everyone, as we all know the market action discounts everything :)
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Silver XAG/USD begins the week in a positive way, rising 0.97%, at trading at $24.54 but have dropped to $23.916 today and the market sentiment is upbeat, portrayed by rising US stock indices, recording gains between 0.12% and 1.01%, contrarily US T-Bond yields slide, with the 10-year note rate falling one and a half basis points, sitting at 1.639%.
Oscillators on the daily chart – though have lost positive traction – are still holding in the bullish territory. Hence, any further decline might still be seen as a buying opportunity near the $23.55 region. This should help limit the downside near the $23.20-15 strong resistance breakpoint.
A Bullish divergence has been spotted between the market and different indicators that show the potential for an upward movement in the market soon.
Possible Scenarios for the market :
Scenario 1 :
The market has dropped in the last 2 days from $24.80 to $23.88 this Bearish move has a small possibility to continue until it reaches the support line located at $23.16 where a battle will happen over control between the Buyers and Sellers over control, If the Sellers were able to win we could see a further drop that will reach the $22.33 level before gaining upward momentum.
Scenario 2 :
A Bullish divergence has been found between the market and the RSI, MACD which shows a strong potential for an upward movement happening soon that will be headed to the first resistance located at $24.78, and after breaking out that level the market will push to the second resistance line at $25.53.
Technical indicators show :
1) The market is above the 5 10 100 and 200 MA and EMA showing a good bullish movement for the long term and daily range but still below the 20 and 50 MA,EMA that indicates a small drop for the weekly range.
2) The MACD is above the 0 line indicating a Bullish state in the market with a positive crossover and a Bullish divergence.
3) The RSI is at 56.27 showing good strength in the market with a Bullish divergence that indicates a rise in the market soon.
Weekly Support & Resistance points :
support Resistance
1) 23.259 1) 25.109
2) 22.207 2) 25.907
3) 21.409 3) 26.959
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
_________________________________Make sure to Like and Follow if you like the idea_________________________________
Silver XAG/USD begins the week in a positive way, rising 0.97%, at trading at $24.54 but have dropped to $23.916 today and the market sentiment is upbeat, portrayed by rising US stock indices, recording gains between 0.12% and 1.01%, contrarily US T-Bond yields slide, with the 10-year note rate falling one and a half basis points, sitting at 1.639%.
Oscillators on the daily chart – though have lost positive traction – are still holding in the bullish territory. Hence, any further decline might still be seen as a buying opportunity near the $23.55 region. This should help limit the downside near the $23.20-15 strong resistance breakpoint.
A Bullish divergence has been spotted between the market and different indicators that show the potential for an upward movement in the market soon.
Possible Scenarios for the market :
Scenario 1 :
The market has dropped in the last 2 days from $24.80 to $23.88 this Bearish move has a small possibility to continue until it reaches the support line located at $23.16 where a battle will happen over control between the Buyers and Sellers over control, If the Sellers were able to win we could see a further drop that will reach the $22.33 level before gaining upward momentum.
Scenario 2 :
A Bullish divergence has been found between the market and the RSI, MACD which shows a strong potential for an upward movement happening soon that will be headed to the first resistance located at $24.78, and after breaking out that level the market will push to the second resistance line at $25.53.
Technical indicators show :
1) The market is above the 5 10 100 and 200 MA and EMA showing a good bullish movement for the long term and daily range but still below the 20 and 50 MA,EMA that indicates a small drop for the weekly range.
2) The MACD is above the 0 line indicating a Bullish state in the market with a positive crossover and a Bullish divergence.
3) The RSI is at 56.27 showing good strength in the market with a Bullish divergence that indicates a rise in the market soon.
Weekly Support & Resistance points :
support Resistance
1) 23.259 1) 25.109
2) 22.207 2) 25.907
3) 21.409 3) 26.959
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.