Silver began to sell off around the 23rd October 2024 where it made its high for the year at $34.85
Since then, price has begun to decline in the form of a triangle.
With price approaching the top of the triangle (resistance). Watch price for a rejection or a breakout, to potentially sell or buy respectively if an opportunity meets your strategy rules.
Price has been moving within a daily range since December last year.
Mondays price action saw what could have been a break out of support at around the 1.4340 zone.
With Tuesdays close back above and within the range, Mondays candle was probably a break out.
Look for opportunities to buy, targeting back at the top of the range.
Price is moving within a bullish, parallel channel and has double topped at channel resistance around the 1.85 big number.
At the end of the last trading week, price broke and closed below the neckline (support) at 1.84
As price retests the level, we wait to see if further selling takes place.
Potential final target for sells is the bottom of the channel.
Price has made a low and a higher low in what could be an ascending parallel channel.
The current bullish move started on 3rd December and peaked on 26th December before starting a correction.
Now with price at 172.60, we could see buyers enter the market again where they could take price all the way up to 180.00 which is the top of the parallel channel and also...
Price has been moving within a long term uptrend and has found support multiple times at the support trendline since March 2023.
We may see price double bottom at 1.2500 which is where price is currently testing the trend line.
If price can close above 1.2800, there is a possibility of further upside in line with the overall
sentiment.
Price double topped at $2720 over November and December 2024.
Currently, price looks to be correcting in the form of a flag pattern after a bearish impulse from $2720.
A break lower could see a further drop in value to $2560 which was support (also in November 2024).
Price has broken above and retested 1.49 which was support numerous times from August onwards this year.
The final 3 days of trading last week saw a Morning Star pattern being printed which can be a reversal at support.
If you agree, look for opportunities to buy which meet your strategy rules. A final target of 1.5160 could be something to consider.
Price action on the daily chart is moving within a bullish channel.
Channel resistance is where price has reversed twice so far and maybe a third time at the end of last weeks trading.
Look for sell setups if price starts to move as predicted.
Buyers have found 1.6570 as an area of price being over valued on multiple occasions.
Look for a change of cycle and a sell setup if you agree with the analysis.
Potential final targets could be the most recent resistance at 1.6370
Over four days, Silver buyers attempted to break and keep price above $32/$32.10 but failed with the fourth day seeing a bearish engulfing candle printing. This was followed by another bearish candle with a lower low and a lower close.
The next daily support lies at $30/$29.70
Look for pullbacks and sell setups if you agree with this analysis
We have seen XAU/USD reject $2720 for a second time, printing a Doji and then strong seller candle at the level.
Next major support lies at $2620 which has been rejected several times over late November and December.
Look for pullbacks and sell setups on your timeframe of choice if you like and agree with this analysis.
Price is back above 1.49 for the first time this month.
Over August to November, price bounced between 1.49 and 1.5160 several times as the market was rangebound.
Will the market now head towards 1.5160 again?
There is a BOC rate statement coming up this week. Rates are expected to be reduced.
A weaker CAD could help with the push higher.
The overall bigger picture for EUR/USD shows a downward trajectory. Price currently appears to be in a corrective pattern after its last bearish impulse which started and finished in November.
A break out and close below the corrective structure, could be the beginning of another impulse of selling in line with the overall sentiment.
Price has been finding daily support at 0.5157 since November.
At the end of the first week in December, we finally saw price close below the level in convincing style.
The next level of daily support lies at 0.5054 which we last saw price bounce at in August.
Look for corrections and sell setups if you agree with this analysis.
Price made an impulse move to the downside after rejecting $2721 and forming a new lower high.
Currently, price has the appearance of a corrective pattern.
It is possible that we will see at least one more move down in price.
Look for sell setups that meet your strategy rules.
Price has rejected the rising support trendline for a 3rd time. We have seen 5 bullish closed candles and may now see a correction before another impulse of buying. Look for a pullback and buy setup that meets your strategy rules.
Price has broken out of the descending trendline, which originated at the end of October this year.
Now with price forming a consolidation outside of the trendline, there's a potential that we could see a push from from the buyers and a new impulsive move.
A break and close above the consolidation, may be an opportunity to get long this market if it meets your...
After breaking through horizontal support/resistance at 1.4900, price was faced with the rising trendline originating in February.
After a pullback and retest of the 1.4900 zone, we have now seen an impulsive drop in price, closing below the trendline.
Tuesday saw a retest of the trendline and a rejection, however with the daily candle having a bullish close,...
