SILVER FALLING PATTERNHello
Welcome to this analysis about SILVER , we are looking at daily timeframe perspectives. SILVER is developing here that will be a decisive factor in the upcoming times. I discovered the main formation SILVER is developing here that will be a decisive factor in the upcoming times. As when looking at my chart now we can watch there how SILVER has emerged with this key channel pattern marked in my chart with boundaries. which is an important Support and also psychological support-mark together with the lower-boundary of the channel-formation a pullback
In this manner, thank you for watching my update-analysis about SILVER and its major channel-formation with the determining factors we need to consider in upcoming times, support the analysis with a like and follow or comment for more market insight!
Silverlong
Silver Still Downtrend, But Breaking Above 24.60 Possibly BuySilver and gold have the same co-relation with USD. Silver is mostly followed by gold from every fundamental aspect.
Technically, Silver is still holding below the descending trend line, which means It is still in a downtrend. but marketing is trying to break descending trendline. Breaking and stable above 25.60 price zone will confirm the breaking downtrend.
We may go for buy silver if we see US job market report falls than forecast. especially, NFP and average hourly earnings is important for silver whether it is going to buy mode again.
Keep in mind, we may see another fake break-out as well. if silver breaks above the descending trend-line before the high volatile news come-out may go for a short-term uptrend. but after releasing the job market report if the reports beat the market expectation, silver will drop again. in that case, we will see a fake break out.
so, don't rush just watching breaking and buy with full energy. let the market digest the US job market report and follow your analysis.
Technically, from the present silver market price, 24.60 is the immediate resistance. breaking above the 24.60 price zone will open the door for the 25.60 price zone. Finally, the worse us job market report may open the door for the 28.00 price zone. Stop-loss should be below the 22.60 price zone.
SILVER:FUNDAMENTAL ANALYSIS+PRICE ACTION|NEXT TARGET|LONG🔔Inflationary pressures remain elevated, as evident in last week’s PPI data out of the US. Supply chain disruptions and port delays will continue to keep costs high for producers, which will filter through to CPI data. The US Dollar came under pressure after dismal confidence data out of the US, which dropped to a decade low. Since silver and other commodities remain priced in US Dollars, it provided a boost to price action. The delta variant of the Covid-19 pandemic is likely to depress economic data for the rest of 2021, adding another bullish factor for gold and silver.
Geopolitical tensions, especially out of Afghanistan, might not contribute on a stand-alone basis, but once added to the mix of issues for the global economy, they add their weight. Equity and cryptocurrency markets ran away over the past month, and traders should prepare for a correction. A sell-off can further raise the price of precious metals, and silver has the most to recover. Chinese economic data also disappointed this morning, a trend likely to be repeated around the world.
The forecast for silver is slowly turning bullish following its flash crash last Monday.
SILVER Silver has a good probability of beginning of intermediate impulse wave, macd in daily is showing positive crossover and Uptick, aligned with macd in hourly positive crossover and Uptick and also above zero, rsi in hourly is also positive and also above 60, in hourly time frame silver has given a fresh Breakout with good intensity of volume, one can go long at these levels or in dips (if any) with stop loss of 25.220 for targets of 26.025, 26.533, & 27.332.
all the key levels are mentioned in chart with Stop-loss and Targets.
Breakout with Good intensity of Volume
Key Levels are Mentioned on chart
Macd in daily positive crossover and Uptick
Macd in hourly positive crossover and Uptick and also above zero
Rsi in hourly crossed above 60 and uptick
Disclaimer
I am not sebi registered analyst
My studies are Educational purpose only
Please consult with your Financial advisor before trading or investing
💡SILVER (XAGUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support of 23.75, a resumption of an uptrend is expected.
We make sure when the resistance at 28.75 breaks.
If the support at 23.75 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
While the RSI resistance #1 at 48 is not broken, the probability of price increase would be too low.
A trough is formed in the daily chart at 24.50 on 07/27/2021, so more gains to resistance(s) 25.75, 26.60, 28.30, and maximum to Major Resistance (28.75) is expected.
Price is below WEMA21; if the price rises more, this line can act as dynamic resistance against more gains.
The relative strength index ( RSI ) is 46.
Take Profits:
TP1= 25.75
TP2= 26.60
TP3= 28.30
TP4= 29.85
TP5= 33.45
TP6= 37.50
TP7= 44.20
TP8= 49.80
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💡SILVER (XAGUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support of 23.75, a resumption of an uptrend is expected.
We make sure when the resistance at 28.75 breaks.
If the support at 23.75 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
While the RSI resistance #1 at 48 is not broken, the probability of price increase would be too low.
A trough is formed in the daily chart at 24.50 on 07/27/2021, so more gains to resistance(s) 25.75, 26.60, 28.30, and maximum to Major Resistance (28.75) is expected.
Price is below WEMA21; if the price rises more, this line can act as dynamic resistance against more gains.
The relative strength index ( RSI ) is 46.
Take Profits:
TP1= 25.75
TP2= 26.60
TP3= 28.30
TP4= 29.85
TP5= 33.45
TP6= 37.50
TP7= 44.20
TP8= 49.80
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!
❤️ Your support is very much 🙏 appreciated!❤️
💎 Want us to help you become a better Forex / Crypto trader?
Now, It's your turn!
Be sure to leave a comment; let us know how you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
LONG SILVERThis is my personal journey, not a trading advice. Follow your own plan. I just like to share my point of view to look back and learn from my own analysis.
Silver is related to gold and DXY.
My next TP is 26.599
I wish you al GL with trading.
I will add longs when silver is under 25.
At this moment of writing DXY is looking Bullish on short term.