XAGUSDAs silver moves between $ 21.5 and $ 25.5, I expect the price to rise to the previous level. Are you agree?
Xagusdidea
Silver is entering my sell zoneIn my yesterday's commentary on Silver, I said that around 23 is the best place to sell.
If we look at the h1 chart, we can see that since the 21.50 low and daily support, Silver has started its rebound.
However, the rise is overlapping, not impulsive, and is drawing a rising wedge on our short-term charts.
At this moment Silver is entering my sell zone between 22.80 and 23.30 and I expect gains to be well capped here.
Confirmation of a potential drop comes with a break under wedge's support and the target can be the recent low.
Also, a reversal from this point will make me strongly bearish Silver and in my opinion, this 21.50 can fall also if you get there.
Silver above 23.50 would negate this scenario
SILVER (XAGUSD) | The best area to fall🔥Hello traders, Silver in daily timeframe , this analysis has been prepared in daily timeframe but has been published for a better view in 2 day timeframe.
The wave count performed for the silver weekly time creates several movement scenarios, but in all of these scenarios an upward movement the size of wave (1) is confirmed in the current analysis.
In the current analysis, wave 1 is composed of wave 5 at higher times. We are inside wave 2.
Wave 2 is inside wave a and wave a forms its wave in the form of five waves in the form of triangle, and wave 5 is formed around Fibo 0.38 or the lower side of the triangle, and then wave b is formed. And correction for wave a begins.
Wave b is relatively time consuming and long considering the time spent on wave a and in terms of price it can be guessed that Fibo is moving 0.618.
If the move exceeds Fibonacci 0.618, it can be said that Wave 2 has already been completed.
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Will Silver drop to 19 zone(3000 pips drop)?Since August, Silver is trading in a 10-12% range, with a low just above 22 and a high in 24.50 zone.
At the beginning of November, we have a false break above resistance and a quick drop to support afterward.
Usually, false breaks lead to strong moves in the other direction and I don't expect this time to be different.
In conclusion, in my opinion this support will fall, and XagUsd has a clear road to the next important support at 19 zone (a more than 3000 pips drop)
I will remain extremely bearish Silver as long as the price is under 23.50 and traders should look to sell rallies towards that zone.
Best of luck!
Mihai Iacob
P.S: Write your comment or share your chart and analysis in the comment section. Also "Likes" are much appreciated
Silver can drop to 21.50In my previous Silver analysis I said that XagUsd is more bearish than Gold, arguing that after the false break of the H&S pattern, the price would also break the trend line support and fall to 22.50 support. And, indeed, the price fall even more and found support at 22.
Now we are in a normal rebound and 22.80-23 zone should act at resistance at this point.
Rallies towards that zone should be sold and the target can be 21.50 support.
Only strong buying above 23 would change my bearish opinion
Silver Forecast: Quiet Session After Previous MeltdownSilver markets finally stabilize during the trading session on Thursday as the markets finally slowed the massive selling pressure that had been so pervasive the last several sessions. The markets continue to pay close attention to the US dollar, and what it is doing. Silver is very sensitive to the greenback, as it is priced in that currency, and the contract tends to be very volatile to begin with. The silver market is notorious for being erratic, so the most recent move will not have been a huge surprise.
Keep in mind that the silver markets will move not only based upon the dollar, but also the industrial use case. If we continue to see the potential lockdowns around the world, then it stands to reason that the industrial usage will be cut down. The markets continue to focus on momentum more than anything else, as the fear trade took over. I don’t really like the idea of buying silver, but a bounce would not be a surprise to say the least. The silver markets can have a rip to the upside with lack of liquidity, especially with it getting close to the holidays, which are thin trading – the later we get into December, the more likely we are to see a lot of jumps and bounces.
I wouldn’t be bullish until we get above $24, which would take a lot of effort to get there. In fact, I would be a bit surprised to see that happen, but the most likely of prospects would be that we bounce and then show signs of exhaustion that I will be selling. The silver market would desperately need to see a big opening trade come back into vogue, and therefore we would need to get a lot of ‘covid fear’ out of the psyche of the markets.
The jobs number coming out of the United States on Friday will cause a lot of noise, mainly due to its effects on the greenback. If the silver markets jump, I will be looking at a chance to sell early next week. On the other hand, if we were to break down below the bottom of the range for the last couple of days, then I anticipate that the market will go looking to challenge the crucial $22 level.
XAG/USD (SILVER) WILL PUSH LOWER BELOW $22.6XAG/USD (SILVER) will push lower to make a new low below $22.6 and after that, it can push a little bit higher, but not above $23.7. Then it will go for one deep correction as a continuation of wave (2). In the alternative scenario (marked by red alpha numerals), we have already finished wave (2) @ $21.4. So right now, it's running expanded flat, and will soon rise for minor wave 3.
#XAG/USD #SILVER #ELLIOTTWAVE
Silver- Best place to sellIn my past Silver analyzes, I said that XagUsd is more bearish than Gold and the H&S trap confirmed this scenario.
Now, as in Gold's case, Silver is in a small correction and this can give us the opportunity to open short trades at better prices.
24 zone I expect to be very well offered and there we should search for selling opportunities.
Only Silver above 24.80 would change my bearish opinion
Silver- Strongly bearish under 24.80Yesterday I said that Silver is more bearish than Gold, and indeed, although it has risen, it could reach the last top
As you all may have seen, we have a clear H&S pattern with the neck-line at 24.80, which is broken at this moment.
Although this means upward momentum, the price is stalling above this neckline and looks more like distribution at this point and could be a false break.
Silver back under 24.80 (the neckline) is strongly bearish and confirms the false break.
In this case, I expect acceleration to the downside and Silver to drop to at least 23 zone (around 1800 pips)
My scenario is valid as long as the price stays under 25.60 on the daily close bases
Silver- More bearish than GoldLike its bigger brother, Gold, Silver also has a good start this month, with the price rising around 2500 pips or around 10%.
However, after breaking above the neckline of an H&S, the price stalled and lacked strong continuation. Instead found a strong ceiling at 25.50 and yesterday's rally above resistance for Gold wasn't matched with a rally above 25.50 for Silver.
This consolidation above the neckline looks like distribution to me and a drop under 24.70 could accelerate losses towards 23 zone support
I will look to sell rallies and a daily close above 25.50 would negate this scenario
Silver- Where to buy? After it has reached 24.70 zone resistance, Silver has started to correct October's rally and is trading now at 23.43.
Slightly under 23 is strong confluence support given by 61% Fibo and horizontal support and here we can look for opportunities to buy the market for a revisit of resistance.
Silver Market Bullish Divergence Hello everyone, as we all know the market action discounts everything :)
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Silver XAG/USD begins the week in a positive way, rising 0.97%, at trading at $24.54 but have dropped to $23.916 today and the market sentiment is upbeat, portrayed by rising US stock indices, recording gains between 0.12% and 1.01%, contrarily US T-Bond yields slide, with the 10-year note rate falling one and a half basis points, sitting at 1.639%.
Oscillators on the daily chart – though have lost positive traction – are still holding in the bullish territory. Hence, any further decline might still be seen as a buying opportunity near the $23.55 region. This should help limit the downside near the $23.20-15 strong resistance breakpoint.
A Bullish divergence has been spotted between the market and different indicators that show the potential for an upward movement in the market soon.
Possible Scenarios for the market :
Scenario 1 :
The market has dropped in the last 2 days from $24.80 to $23.88 this Bearish move has a small possibility to continue until it reaches the support line located at $23.16 where a battle will happen over control between the Buyers and Sellers over control, If the Sellers were able to win we could see a further drop that will reach the $22.33 level before gaining upward momentum.
Scenario 2 :
A Bullish divergence has been found between the market and the RSI, MACD which shows a strong potential for an upward movement happening soon that will be headed to the first resistance located at $24.78, and after breaking out that level the market will push to the second resistance line at $25.53.
Technical indicators show :
1) The market is above the 5 10 100 and 200 MA and EMA showing a good bullish movement for the long term and daily range but still below the 20 and 50 MA,EMA that indicates a small drop for the weekly range.
2) The MACD is above the 0 line indicating a Bullish state in the market with a positive crossover and a Bullish divergence.
3) The RSI is at 56.27 showing good strength in the market with a Bullish divergence that indicates a rise in the market soon.
Weekly Support & Resistance points :
support Resistance
1) 23.259 1) 25.109
2) 22.207 2) 25.907
3) 21.409 3) 26.959
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
SILVER - LOOKING FOR THE LONGSilver is at support with 9th Aug.
It is also at a 1.272 reversal (Orange).
This is our first chance to go long (1st yellow bubble).
First target will be the breakout lower at 23.360
If the price action remains bearish the next support and next opportunity to go long will be at 22.00 (2nd yellow bubble).
This is a very important support. If it breaks there will be no support until 19.4 - this also happens to be a 1.272 reversal of the last major bullish swing (Pink 1.272) - from 24/09/2020 - 01/02/2021.
We get three shots at this.
Stops will be important as will the price action.
Silver- 28 could be swing trader's targetAfter the false break under 22 from the end of last months, Silver has started to rise and has broken above the descending trend line.
At this moment the price is slightly under 24.50 resistance and a break here could be bulls trigger for more gains towards 28 zone resistance
Interim resistance is at 26 and only Silver back under 23.50 would change my bullish opinion
Buy dips is my strategy
XAGUSD-SHORTXAGUSD price is at a very important structure level
if we break the yellow line and pullback to that we can get Fibonacci 38%
XAGUSD LONG SILVERXAGUSD is making higher high and higher lows with many candle stick indicating the continuation of the bullish trend on hourly time frame. An attempt to long silver XAUUSD can be made with the stop loss of 23.57750 which is previous higher low.
SILVER : ARE YOU LOOKING FOR A REVERSAL OR JUST A PULLBACK?Silver managed to breakout of a week of sideways trading last week, ending the week high at 24.87150.
However, on the weekly chart, silver has already made a new bottom, and the current rise is probably a short-term retest of the previous weekly high 24.87150
So, if there is a rejection at level 22.72450 and a breakout at 23.59300, I see a chance to short-term long till 25.17450 or 25.80050 before shorting again and targeting 21.03248
Yes, the short position is still favoured.
My trading strategy isn't intended to be used as a signal service. It's a process of gaining knowledge of market structure and improving my trading abilities.
Like and subscribe and happy trading to all
Silver- New leg up?As I said in my previous Silver analysis, as long as the price stays above 22.20 support, bulls hold the upper hand.
At this moment, on H1 chart and smaller time frames, we can see a small pennant forming which can lead to continuation.
The confirmation comes with the price above 22.65-22.70 zone and the parget can be 23.50
Silver Long IdeaH1 Time frame
Silver breakout ascending triangle
Tight Stoploss Big profit
Lets see that
Silver- Where to buy?After breaking above the trend line resistance on Friday, and confirming the drop under 22 as a false break, Silver has riched a high around 22.7
Now XagUsd is in a normal correction and this can be a good opportunity for bulls to load long positions
A good place for this is 22.30 support and a break back below 22 would invalidate this bullsih scenario
23.50 could be the target
Silver- Buy dips is my strategySimilar to Gold, Silver also has reversed strongly yesterday and at this moment is trading in confluence resistance as well.
A break to the upside would confirm reversal on medium-term and also a false break of support
Buy dips is my strategy and I will remain bullish as long as the recent low is not violated
XAGUSD buy positionsilver near main support line, and I believe that can up to 23.7
I suggest you buy it and enjoying.
XAGUSD POSSIBLE areaxagusd will continue the journey downtrend but the price will move up to the area before continue, please management the risk. good luck
