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Silver testing major support, potential for a bounce!XAGUSD is testing major support at 16.36 (Fibonacci retracement, horizontal swing low support) and a potential bounce could occur at this level to push price up to 16.71 resistance (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension). Stochastic (34,5,3) is also seeing major support above 4.3% where a corresponding bounce could occur to push price up. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
FX:XAGUSDLong
by Tickmill
Silver is testing major resistance,watch for potential reversalSilver has been rising strong and is now testing major 50% resistance at 16.91 (Fibonacci retracement, Elliott wave structure, horizontal swing high resistance) and a strong reaction could occur at this level to push price all the way down to 16.48 support (Fibonacci retracement, horizontal overlap support). Stochastic (34,5,3) is seeing major resistance at 95% where a corresponding reaction could occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
FX:XAGUSDShort
by Tickmill
2
Silver right on major resistance, watch for a potential reversal Silver is now testing major resistance at 16.56 (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance, Elliott wave corrective structure) and a strong reaction could occur at this level to push price all the way down to 16.19 support (Fibonacci extension, horizontal swing low support). Stochastic (34,5,3) is seeing major resistance at 95% where a corresponding reaction could occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
FX:XAGUSDShort
by Tickmill
1
Silver testing major resistance, watch for bullish move Buy above 17.31. Stop loss at 17.16. Take profit at 17.48. Reason for the trading strategy (technically): Price is now testing major resistance at 17.31 (Fibonacci retracement, horizontal overlap resistance) and we require price to close nicely above this level before triggering a bullish move that should push price up to at least 17.48 resistance (Fibonacci retracement, horizontal overlap resistance). RSI (34) sees an ascending support line hold up our bullish move really well.
FX:XAGUSDLong
by MEX_Exchange
Silver hovering right above major support,watch for bearish moveSell below 17.34. Stop loss at 17.48. Take profit at 17.11. Reason for the trading strategy (technically): Silver is now hovering above 17.34 major support (swing low support, Fibonacci retracement, ascending support) and a clean break of this level would trigger a bearish move to drive price down to at least 17.11 support (Fibonacci retracement, horizontal overlap support). RSI (34) sees an ascending support line hold price up really well correspondingly. A similar break of this support line would trigger a bearish move downwards.
FX:XAGUSDShort
by MEX_Exchange
4
Silver testing major resistance, prepare for a potential reversaSilver continues to test major resistance at 17.03 (Fibonacci retracement, breakout area) and a potential reversal could occur at this level. We can see that price has made a bearish exit of our long term ascending support-turned-resistance line and coupled with a bearish divergence, this could be the setup for a strong drop. RSI (34) has made a bearish exit of our long term ascending support-turned-resistance line signaling that a reversal is impending. Coupled with the bearish divergence we’re seeing vs price, this could be the precursor of a major bearish move. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
FX:XAGUSDShort
by Tickmill