Silver prices are stuck in the SND area for now and are also in the SR Flip area. The possibility of sideways until the release of the news tonight. the possibility of a bearish correction to the price of 21,500
Silver touching major resistance area and potentially forming a double top if it can't break above 26.50.
I also noticed a double bottom that's playing out on the 15 minute chart that I missed while being away.
Could go either way, but I think fundamentals support bulls.
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...
A break of resistance will support the price for a rise in the case of a false break. The price will repeat the previous support level 16.50 Any breach of the two levels will give the direction of the future price movement directly with caution from the false fractures
Silver on the daily time frame is now at a resistance, with Stoch Rsi showing that the selling pressure is fading and Adx shows that the bearish trend is also fading (bearish line makes crossover downwards with the trend strength line).
This means that after selling Silver from 17.900 (which I published a week ago) it's now time to look for a buy entry.
How to...
I am expecting a Drop on H4 Due to Following Reasons
Symetrical Triangle Breakout
Upward Rejection
High Volume
H4 Short Does not Gonna Affect Monthly Silver Gains
Consolidating at this area for a long time
Let us see how this trade goes
SILVER is expected to SINK now.
The reason why we feel SILVER may SINK.
* On weekly basis it has just started SINKING
* To Rise and come near 14.98 levels
* Stoch RSI (3,3,14,Close) is SINKING.
* RSI (14,CLOSE) is SINKING.
* CCI (20,CLOSE) is SINKING.
Keeping all the above indicators in view along with the chart pattern we expect it to Rise. Our SELL call...
