It appears that we are still in a massive bear channel and this was a bear market rally. Both TVC:GOLD and TVC:SILVER appear to be overbought. Silver is showing a massive weekly shooting star. Might see another leg up (within the channel)but then a decline to find another bottom. Looks like it got all the FOMOs out there. Unless we break out of this bear channel...
I'm playing silver in a bullish macro trend, so I'm still long. However we could see a significant pullback, shaking out weak hands and traders before a higher high. Short traders could be right depending on the degree of retracement.
However I'm not looking to short. I'm looking to long the pullback.
Silver looking good. Gold looking good. Bitcoin looking good. Litecoin looking good. I'm bullish on all of them.
I'd be stocking up on all of these, and get the real thing. Get the physical metal that you can hold in your possession. For cryptocurrency make sure you have your private keys.
After an impressive bull run, Silver had a very indecisive day on Friday printing a huge sideways candle. This could lead to a correction move to retest the 15.6 level that was broken without a retest.
We also see that RSI has entered overbought territory. That, by itself means nothing but after that clean bullish move could mean that the price needs some oxygen...
A breakout and price close above 16.202 is bullish for Silver….bullish price swing should last for weeks to months.
The Daily timeframe is examined in today’s XAGUSD analysis with coverage from price peak of 21.00 on July 1, 2016 to current date. The major trend in Silver ever since its peak of 21.00 is bearish. The chart pattern that is of consideration in this...
As shown in the chart, i believe silver is on its C leg, could extend further into the blue area or just go up from here. My TP & Sell zones are only a rough idea of where i think market will touch before it goes back down again.
Please note that this chart is an opinion based chart only. Please trade at your own risk
It seems like Silver broke down from a triangle recently and is trading withing the pitchfork. As you can every attempt to break out of the fork has been rejected. You can also see it got shorted at the 61.8 level meaning someone is setting lower targets where I am proposing the end of an ABC correction.
What are your thoughts on this?
XAUUSD, GOLD long increased 6k by last week. long% increase 1% while short% decreased 1%. professionals open long in small number while closed short in large number. $index no change in short and long in this week.
Silver is a very important commodity, in fact it is even more useful that Gold. As only about 10% of produced Gold is used in various manufacturing, rest 90% goes for jewelry and just as safe haven, where Silver's 50% goes for manufacturing as an example your touch-screens, solar energy and medical sectors... But I'm not here to predict future of humanity :)
Having a good idea, beforehand, where the buy and sell stops are located can give an active trader a better idea regarding at what price level buying or selling pressure will become intensified in that market.
Buy Stops -15.050(buying pressure)
Sell Stops- 14.450(selling pressure)
Our Active position
Sell Limit Price: 14.700
Today I wanted to take a look at silver to find the next area of accumulation.
Taking a look at the monthly, silver has been retracing for the last 5 years and it doesnt look like its quite done yet.
Prices recently broke out of a descending traingle, indicating further bearish continuation.
However, 3 waves are often short lived so the best thing...
No long explanation here, just thought i'd do a quick share on markets I am watching to get in on for the long haul. If you read most of my charts in the past 3 weeks, you should know how I trade. Feel free to use this as your guideline.
This is long-term trade so atleast a year upwards before you look into collecting your winnings. I don't really suggest where...