Silver has been in a bounce from 15.00 support level.
A double top was formed at 16.20
Daily trend-line was broken.
MACD and RSI bearish divergences occurred.
Price tested neckline of double top at 15.50 but seems to reject when an inverted hammer daily candle appeared at that resistance.
Downtrend may resume with a target at 14.80 support level.
Trade...
USDJPY, USD weakness start in there for longer term. while jpy getting strength on seasonal basis. usd/jpy behaving like retracement to the upside suspect big drop longer term target 107.80
On the 4-hour chart:
- Rickshaw Man doji candle at 15.53 shows indecision
- That doji candle forms an evening star pattern
- Downtrend line from 16.00
Trade Recommendation:
- Sell silver at trend line re-test around 15.40 to 15.43
- Stop loss above the high of the doji candle at 15.53
- Take profit somewhere in the range 15.00 to 15.15 (Half at 15.15 then the...
Pattern: Channel Up on 1D.
Signal: Bullish as last week the 1D Channel Up made its Higher Low.
Target: 16.500 which is the technical Higher High based on the basis difference between HHs.
USDJPY, on friday price push higher volume not supported in that demand. there was an upbar on friday while on monday gapped down bar closed below previous bar close mean strength failed on monday which showed on friday. price may test high of last week then expected fall for targets 107.80 & 107.00.
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.
XAGUSD, silver trimmed short 6k by last week. long% increased 2%, short% decreased 2%. speculators profit taking by closing positions of both sides, while non-speculators open short.
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 :)
Key...
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...
Gold has been getting hammered in recent weeks. But now could be the time for GLD to get off the mat.
The big glaring point is a three pointed bullish RSI divergence on the daily chart. Other indicators are also oversold, and have the whole road available to travel.
Also, previous behavior in GLD is that it often forms these V-bottom patterns when it...
The major monetary metal in history is silver, not gold
For most of mankind throughout most of history, silver has been the much more important monetary metal, familiar as the metal of daily commerce. Gold was used only for very, very large payments, which most people make only rarely, if ever.
Both silver and gold are monetary metals, i.e., they both benefit...
THE ICHIMOKU PROJECTS STRONG LEVELS OF SUPPORT AND RESISTANCE THAT ALLOWS US TO GAUGE RISK/REWARD. BY USING MULTIPLE TIME-FRAMES TO DETECT THE SHORT-TERM FRACTALS WITHIN THE LONGER MORE PREVAILING TREND YOU CONFIRM A TREND BY DEFINING IT (LOWER LOWS AND LOWER HIGHS & VICE VERSA).
THE RSI GAUGES THE TIPPING POINTS OF MOMENTUM, LIKE IF A PENDULUM'S SPEED WAS GAUGED...
Silver built a perfect cup and handle in the past month and now it's primed to go up.
Gold has been the leading metal as usual and watching most USD pairs you can see they as well broke out from old resistances.
The weekly resistance for silver, which i'll show in the updates, should break once the cup and handle plays out. This will send us to 21-25...
Resistance levels: 17,23 + 17,67 + 17,91
Support levels: : 16,96 + 16,60 + 16,26
Retrospective view :
Since the beginning of July, silver has been in a further upward trend, which started just below the USD 14.50 mark and initially pushed the value above the USD 17.91. Silver began a strong correction in September, which found support at 16.26 USD. Starting...
Silver on the daily time frame is now at the lower range and looks ready for a bounce back up.
As you can see the shape of the range is a bullish wedge. Meaning: a high chance to break to upper range and continue in an upwards trend.
How ever as you can see theres still a bit of space left. My prediction is that after going to the upper range, there will be 1...
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