price in range between 22.24-25.20 since last 8 months. Double top formation round about 22.25 area. Demand zone for long 22.85-65, stop loss 22.55, target: 23.90.
The ENTRY/TP zones are your entries as well as your exits.
Everything above the current candlestick is resistance, you would treat every zone above as a sell/potential buy break.
Everything below the current candlestick is support, which you would then treat every zone below as a buy/potential sell break if it hits the pip rule.
More info on the strategy and how...
The pressure accumulated in recent months seems to have propelled silver to the skies today. it quickly reached the previous resistance, and seems to overcome it relatively easily. After a few days of vacation, the bulls returned in force.
Gold is having the worst day since August 11 as the vaccine news are making capital that was 'parked' on the safe haven of Gold during this pandemic, flee to riskier assets (stocks). We have almost reached the late September Support.
A very interesting 2 year pattern shows however that this behavior isn't that odd, as every Channel Down on the 1D time-frame since...
Hello Fam!
Short
Reasons:
Broke the symmetrical triangle to downward
Good luck to you!
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Idea is not the financial advice!
Pattern: Channel Down on 1H.
Signal: Sell as the MACD is repeating a previously bearish formation that is associated with a Lower High within the pattern and subsequent drop to a Lower Low.
Target: 1790 (the Support level).
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Pattern: Triangle on 4H.
Signal: Bearish if it breaks downwards. Ideal entry just over the 4H MA50.
Target: 1,640 (short term Support) and 1,575 (medium term Support) in extension.
Pattern: Channel Up on 4H.
Signal: Bullish as the price rebounded on the Higher Low trend line of the pattern while also finding Support on the 4H MA200.
Target: 1593.50 (right below the Resistance level).
Recent signals on Gold:
PLG jumping today with volume of selling minimal and large recent buying by hedge funds and private investors. Can only hope for repeat of 2014.
IMPUY AMEX:PLG OTC:IMPUY
Pattern: 1D Bullish Channel supported on Higher Lows.
Signal: Bullish once the price breaks the 1D MA50 and reverses. This is a standard sequence on every Silver uptrend (see the chart below). The ideal long term Buy Zone is within 16.625 - 17.365.
Target: Initial target 19.500. Extension much higher, updates will follow.
XAGUSD, professionals opened long and closed short positions. 4% long% increased by last week while 4% short% removed. usdindex on strong monthly support level so if usdindex takes corrections then may suspect bit fall in silver. any way bullish reversal in silver has been formed.
NZDJPY, NZD 1k short vs 4k long last week i.e long erased. in Jpy no change in this week. weakness in nzd may cause to move down for targets 74.00, 73.40 & 72.50
copper, price making double top on copper in daily time frame. Non-commercials reduced long positions 6k in copper, long% decreased 2%, while short% increase 2%.
