Just as projected in the previous outlook. Price followed the harmonic structure and currently pulling down. As long as 28.700 holds, price is expected to dip to a minimum level of 26.25 in the coming days.
As seen on the chart above, price penetrated above the 1875.00 level but was unable to hold above the critical level. As long as 1875 - 1890 critical zones are not breached, price is expected to fall towards 1762.
Silver technical outlook shows different form of technical analysis pointing towards an emerging bearish outlook. On the chart above, we were able to spot an emerging BEARISH SHARK formation, a HEAD and SHOULDERS pattern and a price RESISTANCE zone. A reversal candle formation between the region of 27.900 - 28.900 will signal a reversal. If the scenario is true,...
The yellow metal started the double zigzag correction phase from a peak of 2070.00. The first double zigzag correction ended at 1763.00 which is labelled W while price pulled up to form the retracement for X which ended at 1953.00. The next double zigzag phase completed the first leg at 1676.00 while the formation of the correction is approaching a reversal zone...
The spot metal is expected to gain a little strength against the USD before a further dip. The forecast shows a slight correction before the drop. Trade is not expected to be held for too long before changing to a sell entry. Updates coming later
Technical outlook shows that price completed wave B of a zigzag correction which wave C is expected to get to a region of 1.07380 - 1.07500. A break below 1.06300 shows that the wave B correction is not yet over.
Outlook shows that wave 3 of the impulse would be extended as price just completed an intermediate wave 1 of 3. Bullish move target for the intermediate wave 3 is expected to end at 1758.00 which is about 300pips from current market price. A break below 1711.00 renders the count invalid.
Current outlook shows a push down from the resistance. Price completed a bearish CRAB at 1.76500, dropping the first 5impulse wave down after which a 3waves correction of the 5impulse wave ended at 1.75970. Another 5waves is expected to push price towards 1.71800. A break above 1.76500 invalidates the count.