Price seemed as if it was forming a triple correction a couple of sessions ago. This however failed following the impulse to $17.59. A corrective structure will confirm further upside into the bluebox.
Short term Elliott Wave view suggests the rally in Silver (XAGUSD) to 17.79 ended wave (1) as a 5 waves impulse. The pullback to 17.24 in the metal ended wave (2) with the internal as a double zigzag. Down from 17.79, wave W ended at 17.27, wave X bounce ended at 17.64, and wave Y ended at 17.24. The metal has broken above wave (1) and resumed higher within wave...
There has been a lot of talk about the precious metals recently (Gold / Silver) with many different reasons for the resurgent interest in precious metals ranging from the classic "store of value" to "finite resource" to "growing lack of trust in fiat currencies".
From a Fundamental Analysis point of view I don't really know anything about Silver...
This is a screenshot of silver using my custom indicator. As you see the indicator paints bull (buy) and sell (bear) signals. Catching the majority of the uptrend and the downtrend to maximize profits.
Silver has a clear cup and handle formation present (and looking to be resolving) on the monthly chart.
Given the price action in silver recently (check out my earlier analysis which predicted this most recent surge as well as the move up in gold in July) it is worth looking at the longer-term trajectory for silver to determine whether we should be selling,...
The graph shows the classic economic cycle of a financial instrument. It consists of four parts (expansion - boom - recession - depression)
Silver broke through its strong trend line, as well as the MA 200 crossed this called Death Cross - this means a trend reversal and we are in the Depression zone.
We touched the support line in the $ 13.9-14 zone and didnt...
After a sharp sell off, Silver has finally found support near the 50% Fib retracement level. This support was met and held right as the ISM manufacturing data came out today. The data came in at the worst level since 2009, which created a quick bullish rally as this was bad news for the dollar.
In my eyes, with global growth still showing signs of continued...
Wave 5 / Y / IV is waiting UP there. LETS go :)
Share your thoughts and observation in comments session :)
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Gold and silver prices are sharply lower in midday U.S. trading Monday. Gold notched a seven-week low and silver prices hit a five-week low. A strong U.S. dollar index that hit a new high for the year on Monday is credited with putting much of the downside pressure on the precious metals today. Better risk appetite in the market place early this week is also...