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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
OANDA:XAGUSDShort
by Mihai_Iacob
9
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. 🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏 ❤️Please, support this idea with a like and comment!❤️
FX_IDC:XAGUSDShort
by mahdisoltaninjad
1
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
OANDA:XAGUSDShort
by Mihai_Iacob
8
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
OANDA:XAGUSDShort
by Mihai_Iacob
6
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.
OANDA:XAGUSD
by SmoothJB
Silver Forecast: Markets Fall Towards Major Uptrend LineSilver markets fell pretty significantly on Friday, as we had seen a lot of “risk off behavior” around the world. Silver would struggle in that type of environment, as it is a very volatile asset. Keep in mind that the coronavirus variant in South Africa has made traders nervous, and they started to focus on the possibility of lockdowns. If we do get those lockdowns, then the industrial demand for silver falls. You can see that we stopped right at a major uptrend line, so it will be interesting to see whether or not it can hold. If it can, then the market is more than likely going to bounce from here and go looking towards the $24 level. However, that would be a bit surprising to happen right away. A lot of this will come down to whether or not the world thinks that the South African coronavirus is going to cause some type of major meltdown. If it does not, then this could be an excellent opportunity. Keep in mind that the Friday session was a bit thin, as it is the day after Thanksgiving. This could have led to a lot of the selling pressure, as we are to simply warrant as many traders involved. Because of this, the market is going to have to figure out whether or not the momentum can keep them, but at this point I think that you are best sitting on the sidelines and waiting to see what today brings. At the end of the day today, we should have quite a bit more clarity, but if we do close below the lows of the trading session on Friday, then it is likely that this market would continue to go lower, perhaps reaching towards the $22 level. That is an area that has been massive support more than once, and it is likely that there would be a lot of interest in that general vicinity. Because of this, I think that you have to watch in that area to see whether or not we fell apart completely. If we did, then it could lead to a massive downtrend in this market. The silver market is extraordinarily volatile, so you need to be cautious about your position size regardless.
OANDA:XAGUSD
by SmoothJB
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
SShort
by Mihai_Iacob
11
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
OANDA:XAGUSDShort
by Mihai_Iacob
14