Xagusdanalysis
Silver could also drop under supportUnlike Gold, which dropped under support yesterday, Silver managed to keep the range intact and is still trading above the newly found support.
However, when it comes to precious metals, the pressure seems to be on the sell side and Silver could also drop under range's support.
A drop under this level could lead to a 500 pips drop to the next important support at 22.25
SILVER BULLISH DOUBLE BOTTOM FORMED Hello traders so XAGUSD Formed a Classic bullish reversal pattern the double bottom
so we might expect a bullish reaction.
OUR BULLISH CLUES :
-the price formed a double bottom on a key support level (M30-M15 TF)
-RSI BULLISH DIVERGENCE
the breakout and retest of the neckline will be our confirmation .
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this is not financial advice just my humble opinion.
Silver - LONGThis is worth a try here - LONG;
Overall environment is a mixed bag, with a strong deflationary bias at the moment. Rates (and the $) is sitting smack in the middle of all possible ranges thus, anything can happen here - and most likely will. If this doesn't turn here (quickly!) then it's no good. (Gotta watch it closely, with narrow stops.)
XAGUSD ) Long Term Trading IdeaHello Traders
In This Chart GOLD HOURLY Forex Forecast By FOREX PLANET
today Gold analysis 👆
🟢This Chart includes_ (GOLD market update)
🟢What is The Next Opportunity on GOLD Market
🟢how to Enter to the Valid Entry With Assurance Profit
This CHART is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts
XAG/USD -Weekly Uptrend Outlook(update)- Silver's uptrend remains intact techincally speaking,
as long as its plenty of supports below are there to enforce uptrend resumption.
A decent Demand Zone as well just in case TVC:DXY starts flying by the next Feds Interest Rate Hikes decision after a Month of Breath,
making Financial Markets turn around.
For now, in the short term Silver may be struggling a little bit, only to find new
buyers at its close lower levels.
Losing grip of 0.618 Fibbonaci Trend Retracement would make me worried whether price will follow bars patterns
Note that bars patterns are there just to give a mere visualization idea for uptrends worst case scenario without breaking Weekly Uptrend market structure.
In case 22.1$ price level (recent HL market's structure) and support trendline is to be violated through huge selling volume, that would shift Character of Weekly Uptrend
Until the next one ;
Trade smart ,
TRADE SAFE
*** NOTE that this is not Financial Advice .
Please do your own Research before partaking on any Trading Activities
based solely on this Idea.
Silver- will history repeat itself?As I said, before, I usually use XagUsd as a leading indicator for Gold, and more often than not, this is the case.
Also recently, although XauUsd made a new low, XagUsd stopped its descent and reversed and on Monday the reversal was very strong, with the price slightly getting back above both the ascending trend line and the horizontal level followed by a clear up break the next day(yesterday)
If we look back at March, we could see a similar pattern, we a double false break and strong reversal.
With a renewed appetite for precious metals, we can expect price action to act in a similar way.
Technically speaking, a false break leads to reversal, and also, the recent bottom is marked by a lot of reversal candles and candle formations.
23.25 is strong confluence support and considering a trade in that zone with a target in the next important resistance a trade with a 1:4 risk: reward could be achieved
XAGUSD I Daily correction and continuation on the weeklyWelcome back! Let me know your thoughts in the comments!
** XAGUSD Analysis - Listen to video!
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SILVER Analysis 20Aug2023if you look at the price movement last week, there is a possibility that a reversal will occur. I still use the Eliot Wave notation a few weeks ago with the assumption that the price will be bullish with the invalid area boundary below. if the area is violated then the elliot wave notation will change and the trend will probably be a complex correction wave.
Silver Almost Ready To Run Part II
Since it`s top in may silver has been in corrective mode. I exited my last trade on April 14 close to the top and have been on the sidelines since then – see my last idea. In my opinion the correction is nearing its end.
Looking at gold I expect this next upcycle to be even more aggressive then the last. I´m not in the camp of the triple top – to the contrary – I expect gold to break its highs and run. It hasn`t even retraced 38% of it´s upmove (low in Sep 22) and already wasted so many weeks correcting in terms of time. Both very bullish since imo. Market was in need of some breathing so long-term moving averages could catch up.
I would suggest to have exposure to gold and silver. Key is to be patient now and wait for the entry to come. It may take 1-2 more weeks. COT does not look as good as in march yet. I would actually like to see ~21.60 maybe even a marginal break of the red uptrend, which is intact since sep 22. Not sure if we get that low ~22.30 is monthly mid Bollinger. Somewhere in between I will look to buy. Weekly RSI 6 is at ~34 nearing oversold.
Interesting point is that gold has broken its uptrend-line – something that is often necessary for a market to bottom, its when technical traders sell their positions – while silvers uptrend-line is still intact.
SILVER Analysis 30July2023With the formation of a new LL in the wave structure, it is certain that the possibility of greater bearish continuation. It is possible that currently a complex correction wave is formed to determine the wave (2) where Wave 2 is always a correction wave. If you want to do a short, you can do it when the price approaches LH