Silver- Price could rise to 24.50 (more than 1k pips)
Updated
In my 13 September analysis on Silver, I said that the price could lose support and drop to the next important one at 22.30. The next day, the market did exactly this and touched the indicated zone.
However, this was just liquidity grabbing with XagUsd quickly rising back above the 23 figure on 15 Sept.
Just like XauUsd, Silver also reversed yesterday from the new top, leaving a Pin Bar on our chart, nevertheless, the structure remains strongly bullish, suggesting continuation.
In conclusion, dips should be bought with a 24.50 target.
However, this was just liquidity grabbing with XagUsd quickly rising back above the 23 figure on 15 Sept.
Just like XauUsd, Silver also reversed yesterday from the new top, leaving a Pin Bar on our chart, nevertheless, the structure remains strongly bullish, suggesting continuation.
In conclusion, dips should be bought with a 24.50 target.
Note
My analysis from yesterday worked like a charm, with the price reversing exactly from 22.80 support and leaving a long-tailed Pin Bar on our daily chart.At the time of writing XagUsd has made a new high above "FED's" candle and we could expect a strong close of the week.
I maintain my bullish bias.
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