Silver is trading in a range for 2 weeks now with a clear ceiling at 26.50.
Bulls are unable to take control and drive the price above this level and XagUsd keeps rolling down to support
A breakdown seems imminent for Silver and short-sellers can have a target under 24.
Sell rallies above 26 can be a good strategy and only a clear close above 26.50 would negate...
Chart is looking extremely bull for Silver price
1 - a Major trend line shown by dotted white line has been played and respected since 2 March 2020 and we have broken back above it after a test low dip on 30 March 2021
2 - Double bottom at what has turned out to be a major support zone for silver which is at the 0.382 Fibonacci retracement zone...
On 7th of MAy 2021, as we can see on daily chart, Silver have broke out of down trend line and build up Squeezing broke out 26.5
Trading plan; Wait for retest at 26.5 where previous resistance turn into support, Target TP 1 at $28 , TP2 at $29
On the week’s chart, it has crossed an ascending triangle.
At 4h it enters a bullish price channel.
= Only buy to 27.782 - 28.367 - 29.303 - 30.239.
= Failed to buy, breaking 27.051.
Personal opinion buy
on silver we saw a bullish move that i forcasted from 23.800 and now it may continue this move to 25.4
and with a correction to 24.8 we will see another bullish move to 26.5 target.good luck have risk management
You must be prepared for a move in silver to 22$ in the following weeks.
We are still in the range between 22 and 30$.
We've just wasted too much time going nowhere.
Based on the gold chart's cycle count the tag of the bottom of the range could be at the end of April.
Silver is trying to break above the 20 EMA on the daily chart today.
The dollar took a big hit after the FOMC meeting today and after the weak bounce we had during the past few days it's turning down again.
I think the weak dollar will be extremely good for gold as we are starting the new intermediate cycle: