It is essential that we apply multitimeframe technical analysis and there is no better example of why that is the case than the current SILVER chart which, if analyzed properly, clearly points in the upward direction.
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Hello Traders !
The Silver Price is Trading in an Ascending Channel 📈
The Price Reached a 0.6 fibonacci retracement level,
and Failed To Break The Support Line.
So, I Predict a Bullish Move 📈
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TARGET: 25.35000🎯
XAGUSD chart for the coming week with key buy and sell areas chart Oanda
On the upside
buy entry 2400 , 2420 resistance when broken 2450, 2480, 2500
for the downside entry at 2360 , 2350 resistance when broke 2320 , 2300 high resistance 2270 2250
Front Month Comex Silver for December delivery gained 89.90 cents per troy ounce, or 3.91% to $23.870 this week
Up four of the past five weeks
Today it is down 22.60 cents or 0.94%
Largest one day dollar and percentage decline since Friday, Dec. 8, 2023
Down nine of the past 10 sessions
Off 8.32% from its 52-week high of $26.035 hit Thursday, May 4, 2023
Similar to that of Gold, Silver is also in an extreme bullish Elliott Wave formation. While alternate counts exist, I’ve learned over my time practicing as an Elliottician to take what the market gives you. Manage your risk and co spider the setup as a potential 1-2-1-2 entering the third of a third wave. The risk reward ratio for Silver has rarely been more lopsided.
This is the only trade I will be taking into the new year, this is if the golden ratio is hit before the new year countdown. I'll place it on my 1:500 account and start again fresh, it's been an incredible year and I'd like to thank all the students and new traders who have joined us on this journey. :)
Silver almost reached $50 in ... 1980, next time it reached that level in 2011. I consider entire period started from 1980 as s flat formation with legs A nd B completed and wave C (which should have 5-wave structure) started in 2011. Sub-wave 1 of C seems completed in 2015, after which we would normally expect a zig-zag with ~61% retracement, notice that level...
My reasoning of why silver will retest the 200 weekly.
1. The Dollar (DXY) is in a downtrend. I believe It is on its way to the 200 weekly moving average but before that happens I believe there will be a small rebound.
2. I believe the DXY is going to have a rebound as the daily RSI is nearly indicating oversold.
3.Silver is in a rising wedge pattern and it is...
Our last few analysis on Silver have played our perfectly.
We identified we were in a 335 flat correction and we caught the wave B move higher. We're expecting 5 subwaves for wave C and we've seen subwave 1 and 2. Looking for subwave 3 now.
Trade Idea:
- Watch for the next wave lower
- Anticipating price to stay below the highs = stops go above the highs
- No...
Pair : XAGUSD ( Silver / U.S Dollar )
Description :
Head and Shoulder as an Correction in Short Time Frame. It has completed the Impulsive Waves " 12345 " and " ABC " Corrective Waves. Rejection from the Previous Resistance or Fibonacci Level - 61.80%
Entry Precautions :
Wait for the Proper Rejection
Take a look at our analysis for SILVER.
Time Frame: 1D
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The price is testing a key support 22.700.
Current market trend & oversold RSI makes me think that buyers will push the price. I will anticipate a bullish movement at least to 24.795 level.
P.S
Overbought describes a...
Wait and see. See what happens. Down or up. Gold and silver have been very strong over the years. Prices were supported by expectations of U.S. interest rate cuts and heavy buying from China. Now, the recession has been disproven.
Hello,Friends!
SILVER pair is trading in a local downtrend which we know by looking at the previous 1W candle which is red. On the 12H timeframe the pair is going down too. The pair is oversold because the price is close to the lower band of the BB indicator. So we are looking to buy the pair with the lower BB line acting as support. The next target is 24.118...
