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Silverlong

Silver on its way back up (cont.)Silver’s larger overall Elliot impulse wave started in mid-March, and I believe we just completed wave 4’s correction. This overall trend is noted by the blue Elliot impulse wave in the chart. I took a guess and put the end of this impulse at $33.54. It just seems like the support and resistance levels line up well here when considering the chart dating back to mid-March, and so does the 2.618 Fibonacci extension level of more recent patterns. This is purely a guess though, I have no way of knowing where wave 5 will end up. Within the overall pattern are smaller fractals of Elliot waves that I have labeled yellow for impulse waves and white for correction waves. I have June 15 as the date that the most recent 12345 Elliot impulse wave started and the Aug 6-7 peak as the top of wave 5. It looks like wave C of the correction just bottomed out, and the silver is climbing back upwards. This is between the 38.2% and 50% Fibonacci retracement levels of the overall chart (the blue line, dating back to mid-March). That means that right now is an excellent long-term time time to buy silver. I do expect silver to continue to be bullish. The effect of scarcity in markets cannot be overstated. We know that central banks are very good at creating fiat currency out of thin air. We know that alchemists have thus far been unsuccessful in creating precious metals out of thin air. When we speak of the price of silver (or any other commodity) in terms of fiat (usually the US dollar) we are comparing an element to a fiat currency that is being created out of thin air at an ever increasing rate. And, if we think of price as a function of the relative scarcity of one thing to another, it’s hard to imagine how the relative value of the elemental metal won’t increase. And what about demand? Silver is an essential part of solar panels and the electric circuitry of things like cell phones and other electronics. 5G? Electric cars? Solar powered homes? Smart homes? If you think those are going to be ever-increasing aspects of our daily lives, then you should have no doubt about silver’s outlook from a demand perspective. And so, I do think that silver will continue to remain bullish relative to fiat. I do believe that the current price will be looked back on as a low, and a great opportunity to buy. And, yes, I do believe we will soon enter another bullish Elliot impulse wave. You’ll look back and brag about how you bought silver back in August 2020.
SLong
by tarbh
Bullish Garley Pattern on Silver ?Just testing a potential harmonic pattern on Silver that may play out. This one is called A bullish Garley Pattern, where price forms an M you get your High followed by a lower High before a pullback and then price shoots up again. So if this trade were to play out following the Bullish M pattern we should see a price pullback to the 50 Fib level before the next run up. Also trying out the Gann fan to see if price follows the 1/1 level that it has been testing the whole way since the initial bullish pump we have seen.
OANDA:XAGUSDLong
by steevyp2820
Silver moving in the shadows again... OANDA:XAGUSD Hello friends, just a quick outlook on silver for the current situation don't forget to like/follow this idea and check my previous ones. I have followed silver since it was at around 17, it definitely paid off to research it. Since I am researching price correlation, Silver is a perfect example for Gold. One thing you may notice with silver is that it certainly has cleaner moves than his older sibling gold. Do not under estimate silver as it moves quietly away from the hype. So many people were asleep on it and missed the huge jump from 17 to just shy of 30! Now as we play catch-up let's wait for the best position possible before doing anything. Trade responsibly and as always this is for educational purposes not financial advice.
OANDA:XAGUSDLong
by Cangaceiro
Silver - Key StructureKeeping my eyes on silver, I will be monitoring how price reacts at the key structure zone marked. If we manage to see a break above the zone I will be looking for a buy from the re-test into the highs of 32.50. If we see continued rejection from the zone marked I will look to ride the small downtrend into the 26.50 level. Higher time frame candlesticks are all mostly bullish so it is not wise to fight the trend unless it is short term until price shows us different.
OANDA:XAGUSD
by AlkalineFX
Silver Run on Liquidity We saw a run on stops in February this year as silver raided stops into the liquidity pool below $12. The next raid happen this week as price broke above the $20 closing a short stops. The next liquidity pool we should see price run to is the liquidity pool above $36 catching swing traders out who have the stop above these equal highs. We should see a larger move higher above $50, as physical silver is very rare commodity that is used in industry and electrics. With the gold silver ratio needing to narrow further, and with economic stimulus by governments around the world running rampant, we will see higher prices in silver.
OANDA:XAGUSDLong
by TRADER-RI
2
XAGUSD Silver - Traps set again! waiting on fake USD fakeoutI have set two pending at key levels I want to see price trade back into before adding more Long positions on Silver. Please be mindful we do have some news in the NY sesh for USD which is when i expect to see these levels run. Both of these positions offer great RR. Don't forget Silver is known for rape spikes so don't get caught with your pants down. Here are some other relevant posts. Yesterdays Silver Call which resulted in 9 x on Risk! Also here is another post re another Silver play in the form of a CFD Silver miner play (up 11% today) offering a potential 64 x if full targets are realized. Please keep in mind this is a long term play I've been adding to for months. Don't forget to click Follow to receive more free calls. SMTP
OANDA:XAGUSDLong
by showmethepips