XAG/USD - BULLISH AFTER NEWS XAG/USD is going to turn bullish after the news reports tomorrow. It will retest the .786 on the fib and rise to the 29.67 level. Essentially forming a double bottom.
Xag_usd
XAGUSD BUY LIMIT IN 3-4 HOURS PROBABLY MARKET WILL GO UP/SPDR SILVER AND GOLD FUND, PROBABLY TONIGHT WILL SELL HIGHER PRICE//// STILL NO DOWN TREND/// PAY ATTENTION
XagUsd - Downward MovementDownward movement is just started on daily basis. 14.775 will act as support if this point will break then sellers will get in the market in no time. Also COT report must be tracked this weekend.
SILVER NeutralSILVER: Silver may be range bound to up in coming week. For weekly traders buy above 14.89 SL@ 14.81 Tgt 01 @ 15.11, Tgt 02 @ 15.20. We would advise traders to trade carefully in SILVER.
Expecting Silver may touch 14.72After Silver doing See saw on price & trend. The Silver has finally decided to go North. The upper rally was signaled on 26 January 2016. In near future Silver is poised to go up. on moderate view chances are bright that it may touch 14.72$ to 14.83$. On a brighter side a level of 15.17$ can also be breached in near future.
Caution: The above are our personal view. Neither a recommendation nor a tip nor an advice for any trade. Please consult your personal financial adviser before investing.
Silver at an important crossroadI just wrote about the gold/silver ratio and how it's suggesting a possible new cycle in the silver market (see suggested idea below). To further develop this hypothesis, I find that silver prices are at an important crossroad following last week's rally. The US dollar's sharp fall following the week September US employment data has given relief to battered commodities and commodity-dependent currencies (EM + Aussie + Loonie + NOK). Some are already saying that these assets are changing course, but I prefer to hold of a bit in order to confirm that a durable change in direction is in place this quarter.
This is why I'm watching silver closely. The second bounce off of $14 smells like a double bottom, but I've seen such configurations be invalidated once prices hit their first resistance. With silver prices currently under a 24-month trend line (around $16.00-16.50), I would like to see a technical break before the end of the month (with more US dollar weakness) to be more convinced of the bullish prospects for this metal. Note that the RSI is also testing a long-term trendline. A break of this resistance would theoretically suggest that bullish momentum is building in the market, thereby supporting a technical break above $16. If this were to happen with a clear breakout above $16.50 (or even better $17), I would expect prices to rise back up to $19 by the end of the year.
The conditions for a technical signal are thus set out, but we should all know that silver may very well start falling again so long as prices are below $16 this week. Nonetheless, there's still a decent support at $14 on which I will continue focusing in the weeks ahead.
Silver's testing a long term trend lineI find it quite risky to buy precious metals right now, but silver is currently testing a support that gave way to a technical bounce at the beginning of the year (see related idea below). All I can say at this point is that silver may hold better than gold, which suggests that buying it may provide a hedge for anyone who is already short on in the gold market. At this moment, I'm only looking at silver as a hedge and not an outright buy.
