Silver: Revision previous analysisThis is a revision of the previous analysis that I did on Silver. Let me start off by making clear that I am still very much a bull on Silver. The price action looks very impulsive since the start of this year and does not really fit in the price action of the multi year bear market before that point in time.
Therefore I revised the wave count to give you some idea of where we are heading in the bigger picture. Note that a sharp second wave correction is nothing unusual at the beginning of a strong bull market evolving. Everything will depend on whether or not Silver comes back roaring after this correction. It should, because third waves are very impulsive and violent moves.
The correction should end somewhere this week, so it will not be long until we know where this market wants to go.
Xagusdlong
Long expect 1-2% Gain TomorrowBULLISH SIGNAL FOR METALS 17:00 Today: Chances of a rate hike at the Fed's next meeting immediately slumped after news of Brainard's speech broke. Traders now anticipate just a 15 percent probability, down from 21 percent before the speech and as high as 30 percent Friday.
XAGUSD in a monthly resistance, breakout = bullish continuationXAGUSD (Silver/ US Dollar) it's struggling in a monthly resistance at this moment, overall this pair has been bullish since 2010 so I would like to see it breaking out that resistance, re-testing it and then continuing its' bullish trend.
We'll see what happens.
Any comments?
XAGUSD (SILVER - USD) returned to previous uptrend, might go up.Ok I think XAGUSD is going even more up than it already have gone so far.
First of all, that inverted head and shoulders which later confirmed a bullish scenario strong enough to return and break into the previous uptrend, so if does a re-test in which I'm expecting to see a morning star then I'd say is a BUY.
Any comments?
Silver just finished the 4th wave and started the 5th.Silver was in a corrective 4th wave triangle and it just finished today. The 5th wave should take us up all the way to around 22.100 . If you want to be on the safer side, wait till silver breaks the upper side of the triangle then place your trade.
Buy 19.670
SL 19.472
TP 22.100
Good Luck
Bullish Pennant on XAGUSDAfter Brexit we saw a solid jump along with #XAGUSD. The aftermath has resulted in what looks like a bullish flag for continuation. I longed this heavily just a few hours prior to Brexit becoming a reality (was privileged with a suitable timezone as early results came in) with an entry around 17.5 but for now I'm holding my trade open (and a similar one on #XAUUSD) for more continuation.