Silversetup
Upside for Silver is Coming! Long Setup!I am taking an early long position on Silver as we are getting a trendline and 4 hourly resistance breakout.
Long from 22.79 or as close as possible.
Target 1 - 23.30 - Set stop loss to break even once T1 has been hit.
Target 2 - 24.05
Target 3 - 24.50
Extreme Target - 25.49
Stop loss - 21.80
Silver Weekly TFAccording to the given data, it seems that silver is currently positioned at the peak of a bearish channel and has encountered a decline trend line from October 2011. Moreover, it has already reacted to this trend line, and it is anticipated that it will undergo further decline.
Similarly, gold miners are facing a comparable situation with a similar percentage drop as that of gold, indicating that gold might also move towards bearishness.
My area of focus lies between 22.150 and 22.442, There may be several confluences that could present potential buying opportunities in the given area of focus.
Overall, the market outlook for silver and gold miners appears to be bearish, and it is likely that prices may decrease in the coming week.
After experiencing a surge of 30.73% over the past 42 days, I anticipate a correction of approximately 15% in silver. This correction could signal a shift towards bullishness in the future.
XAGUSD / SILVER LONG✅TP - green lines
❌SL - red line
EP - start of yellow line
Original Analysis SILVER
Falling Wedge identified at 22-Apr-17:00 2022 GMT.
This pattern is still in the process of forming. Possible bullish price movement towards the resistance 2513.0000 within the next 2 days.
Support Levels
2404.9
Resistance Levels
2513.0
This does not constitute investment advice and does not have regard to the specific needs of any person who may receive it. No warranty is given as to the accuracy or completeness of the information and any person acting on it does so entirely at their own risk.