Xagusdidea
Silver- Will it drop another 1k pips?Since last Friday's high and strong reversal from 23.50, Solver has dropped 1500 pips.
Like in Gold's case, bulls were unable to recover some of the losses and XagUsd is consolidating in the support zone at 21.
Here we could also have a new leg down after the consolidation and the obvious target for this drop (swing trading) is the next support at 20, so, 1k pips under the current level.
I'm bearish as long as the price stays under 21.50 in terms of daily closing.
XAGUSD 05/10 MovePair : XAGUSD ( Silver / U.S Dollar )
Description :
Impulse Correction ( ABC Corrective Waves / Consolidation Phase ) Impulse Completed. It is Following Consolidation Phase in Short Time Frame if it Breaks the Upper Trend Line then Buy and If it Breaks Lower Trend Line and Retest then Sell
XAGUSD Silver Next MovePair : XAGUSD ( Silver / U.S Dollar )
Description :
Head and Shoulder , Completed " Left Shoulder " and " Head " and making its Right Shoulder in Corrective Pattern " Consolidation Phase ". We have Impulse Correction Impulse and Strong Divergence
XAGUSD 13/09 MovePair : XAGUSD ( Silver / U.S Dollar )
Description :
Consolidation Phase at the Previous Strong Support Zone , If it Breaks the Upper Trend Line then Buy and If Breaks Lower Trend Line then Sell it is Rejecting from the Fibonacci Level - 78.60% with Strong Divergence
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
XAGUSD Breakout TradeXAGUSD wait for breakout and trade in the direction of breakout or place your but and sell stop.
Manage your risk according to account size!
SILVER Analysis 27Aug2023closing the market in the silver market last week it can be seen that there was confusion, look at the candles that I gave this dotted line. at the beginning of next week there is a possibility of sideways before the price is corrected in the SR Flip area.
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!
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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 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
SILVER Analysis 24July2023I see this commodity positively bullish, now the price is stuck in the SND area and I try to provide Fibo Retracement, and the results are quite supporting this analysis to find the long area. There are 2 SND areas that are quite striking here, where the SND area intersects with Fibo 0.618 and 0.236, and the 0.236 Fibo area is also close to the bullish trendline, quite interesting?
XAGUSD H4Silver Short 🔰
Entry Price: 24.59891
SL: 25.30782
TP: 23.89000
Silver making clear divergence and market will be bearish trend next working days so placed pending order Breakout of previous HL and keep Sl on last HH
XAGUSD Silver Next Possible MovePair : XAGUSD ( Silver / U.S Dollar )
Description :
Bullish Channel as an Correction in LTF
Completed " 12 " Impulsive Wave
Divergence - RSI
Break of Structure
Falling Wedge in STF
Resistance Level
SILVER Analysis 19July2023silver's movement still tends to be bullish, although in the last 2 days there has been compression where the candle that is formed is small and lacking in content, but structurally it still forms a new HH. there is still a possibility to continue the bullish trend slowly.
SILVER Analysis 13July2023looking at the analysis based on the elliot notation for silver, it looks like it is currently in the beginning of a bullish trend, you can take part in going long by placing a pending order in the SnD area that has been readjusted according to your analysis.
Silver - Looking To Buy Pullbacks In The Short TermH4 - Bullish trend pattern.
Higher highs.
Until the two strong support zones hold I expect the price to move higher further after pullbacks.
Completion of 5th Elliott's Wave on Silver Daily Timeframe 21.50 which has been quite a solid support in the last two years has been breached (Wave 3) and an ascending wedge/bear flag has been broken (Wave 4).
Once price is traded below this Month Open (which is below 21.50), there is a high probability that it'll test 19.00-19.50 area.
Analysis of the silver priceOn the other hand, technical indicators on the daily chart have not yet confirmed a positive outlook. Therefore, the $23.00 confluence region might continue to act as a barrier for any subsequent move up. Immediately following this is the ascending trend-channel resistance, which currently stands around $23.45 in price. As long as the XAG/USD maintains a strong upward trend beyond the 61.8% Fibo, a positive breakout will be confirmed. It is possible to regain $24.00 by reclaiming the $23.60 region.
As long as the XAG/USD keeps climbing above the intermediate barrier of $24.20-$24.25, toward the $24.55 swing high of June, the positive momentum could continue.
The downside is likely to attract some buying and remain limited near the $22.65-$22.70 area, or the 23.6% Fibo, if price weakness lower than $23.00 is confirmed. In addition, we need to consider "level." If this is broken, the XAG/USD could slide back toward the $ 22 mark. Falling prices will likely reach the $21.70-$21.65 zone en route to the $21.25 support and $21.00 mark if some follow-through selling occurs.
Chart analysis for XAGUSD on a D1Silver is also in a downward trend on the daily chart. XAG/USD's long-term bias is upward because of rising support since September. The near-term downtrend is being maintained by a falling trendline from May. 61.8% Fibonacci retracement level at 22.29 provides immediate support. Taking this price down reveals rising support. The 38.2% level at 23.75 is released upon breaking above the falling resistance.
SILVER Forecast 6July2023if this is an a-b-c correction and wave c is usually the same length as wave a, then there is a high probability that XAG will go down.
This is signaled by the current price at the trendline and strong resistance area. if XAG turns out to respond positively to the trendline and makes a strong bearish signal, then it is likely to go to fibo extension 1.
XAGUSD 31May2023when the price rises more than the light blue line, there is a possibility of reversal and the price will reach the SR Flip area in the short term.
