In my 2 days ago analysis on Silver I said that the rise from 24.50 is clearly corrective in nature and rallies towards 26 should be sold.
At the time of writing, Silver looks like it carved a local top and a lower high and it is resuming its bearish trajectory.
I'm bearish Silver in this context and I expect a new leg down under 24.
Gains should be very well...
After dropping around 18% from last week s top, Silver found support on Monday at 24.30 and started to rise.
The rise is clearly corrective in nature and it looks like a flag.
I expect gains to be very well capped around 26 resistance and we can expect a new wave of sales from here.
A good target for sellers can be 24.50
Plan: trendline and support level breakout --> wait for the price to bounce off from resistance level --> wait for the rejection candle pattern to form e.g. bearish engulfing, pinbar, etc --> SELL
**Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make...
Silver XAGUSD has been a very profitable trade for us within the month of December where we forecasted a big rally on the back of more stimulus, annual inflation and seasonality.
In terms of Silver we have to be extremely careful in our trading and "scale in" instead of going "all in", for next week we are aiming for a quick take profit level of 26.22 and we...