Short Trade may be initiated with SL of 71551 may be initiated. Some pull back can be expected here and 61% Fib retracement is also pending so if it works well target of 60k can be expected.
Silver is decelerating while approaching the resistance level.
The market shows massive divergence on the 4H timeframe and pinbars.
We anticipate a short-term pullback and even further movement down if price breaks and closes below the ascending channel.
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In this update we review the recent price action in the Silver futures contract and identify the next high probability trading opportunity and price objectives to target
Silver reached the resistance level at 23,00.
If the market makes a double top or pinbar the resistance at 23.00, we can look for selling opportunities.
We anticipate a short-term pullback from the resistance.
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Silver is underperforming gold. The gold-to-silver ratio is over 1 standard deviation above the historic average since 1990. In fact, the gold-to-silver ratio has not been close to its historic average since August 2021.
Silver falling more than gold
Gold prices in February 2023 gave back almost all its gains (-5.2%) from January 2023 (+5.8%) as the US dollar...
The resistance level at 67160 is a critical level for silver's trend, as it will determine whether the current uptrend will continue or a downtrend may be expected. If the price manages to break and sustain above the resistance level, it suggests a continuation of the uptrend, with potential upside targets at 68360 , 68760 , and even as high as 69300+...
Silver dropped from the resistance, and it created a descending channel.
Price action pulled back to resistance and fibo level.
If the market fails to break through the resistance level , we can sell from the confluence level.
We anticipate a trend continuation trade.
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Share your opinion in the comments and support the idea with like....
Generally, gold and silver goes in tandem. Hence, gold is expected to go up so same may be correct for Silver. But here problem is that it has not yet broken the consolidation zone so there are chances of testing lower side of the line. As gold seems bullish what we can do here is that long can be taken with SL of recent low of the week i.e. around 61000. If that...
"How to covert resistance <=> support"
For all those looking at sub $18 silver...
In march 2020, #silver had not yet converted the 18$ level from resistance to support.
Now that is a "wall" (previous resistance turned support).
That is a big difference.
Time is fair. Whether you are lazy or hardworking, time will gradually give you the answer that belongs to you. Those who cherish time will be cherished by time!
Currently, the pressure on silver is concentrated in the 21.5 area, where short selling can still be repeated. Silver has not followed the recent rise in gold prices, largely due to previous...
Everyone should have the mind of a valley and the tolerance of the sea. The reason why Jianghai can become the leader of all small rivers is because it is good at being in the downstream of all small rivers. That is the magnanimous person who is open to all rivers. Such a person can open the door to success.
Federal Reserve Chairman Bernanke's speech caused an...
Head and Shoulders officially formed on Daily.
The previous analysis, we were waiting for the pattern to form a Right Shoulder.
Now with the price breaking below the RS, almost confirms the trade entry.
21>7
Price <200 - Bearish (Red back)
RSI<30 - Bearish
Target $16.30
Note -
One of the best forms of Price Action is to not try to predict at all. Instead of that, ACT on the price. So, this chart tells at "where" to act in "what direction. Unless it triggers, like, let's say the candle doesn't break the level which says "Buy if it breaks", You should not buy at all.
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I use shorthands for my trades.
"Positional" - means You...
![SILVER1!: [MCX] Silver Swing Trade - Betting on Downtrend Breakout](https://s3.tradingview.com/x/XYVe8EVv_mid.png "[MCX] Silver Swing Trade - Betting on Downtrend Breakout")
