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XAGUSD trade ideas

Has silver turned the corner?Silver's bullish engulfing candle on Thursday may have marked the end of the corrective phase for the metal, potentially paving the way for a new bull trend. On Thursday, XAGUSD found strong support from the area around $26.50, where it had taken off in May. It is essential that it now finds some follow-through on the upside. An ideal scenario for the bulls today would be if we can close above resistance in the $27.60-$28.00 range, with a more significant level seen around $28.65. Short-term support is seen around $27.26, marking Thursday's high. It is important that silver at the very least holds above this level heading into the close. By Fawad Razaqzada, market analyst at FOREX.com
FOREXCOM:XAGUSDLong
by FOREXcom
Silver Price Finds Support Near 3-Month LowSilver Price Finds Support Near 3-Month Low As shown on the XAG/USD chart, the price of silver is currently around $26.75 this week, marking the lowest level since early May. In our analysis of silver on June 6, we noted: → Silver was underperforming gold—a bearish sign; → Other bearish indicators included a double top pattern near the $32 per ounce level. Since the close on June 6, silver prices have dropped by more than 14%, with: → A bearish head-and-shoulders pattern forming above the psychological level of $30 per ounce; → The price breaking below the median line of an ascending channel (shown in blue); → The price establishing a downward channel (shown in purple), with the $29 level acting as resistance (indicated by an arrow). One of the drivers of this decline has been recession fears in the U.S. economy, as commodity markets typically experience downward trends during recessions. Could the bearish trend in silver continue? While further declines can't be ruled out, technical analysis of the XAG/USD chart today suggests that silver is finding support at current levels: → Support is likely at the lower boundary of the blue channel; → The $26 per ounce level, which previously influenced significant price extremes, could also offer support. Notably, yesterday's silver price dipped below Monday's low but is recovering today. This inability of the bears to extend the downward momentum suggests their pressure is weakening, and the bulls may be poised to take control. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XAGUSD
by FXOpen
1
Silver may fall further while below 28.7Silver may fall further while below 28.7 Silver broke down from a strong support zone located near 28.70. Now this area turned into resistance. Chances are silver may test this zone again before moving lower. The targets I am looking for for silver are near 27.50 and 26.30 where the price may face some solid support and we may see the price react again. 26.30 is an area of ​​high importance as long as it was last tested on 02-May-2024 📺You may watch the video for further details📺 Thank you and Good Luck!
FX:XAGUSDShort
by KlejdiCuni
7
Elliott Wave Intraday Analysis on Silver (XAGUSD) Looking to BuyShort Term Elliott Wave View in Silver (XAGUSD) suggests that pullback to 28.58 low ended a wave (A). The metal turned higher again in wave (B) ended at 31.75 high. The market resuming lower from wave (B) high breaking below 28.58 low to rule a larger correction. It means, Silver is developing a wave (C) of ((4)) as a zig zag Elliott Wave structure. Down from wave (B), wave ((i)) ended at 28.65 and wave ((ii)) ended at 29.45. Wave ((iii)) lower ended at 27.40, and pullback in wave ((iv)) ended at 28.19. Wave ((v)) ended at 27.29 which completed wave 1. Pullback in wave 2 ended at 29.22 high and the metal resumed lower in wave 3. Down from wave 2, wave ((i)) ended at 27.93 and wave ((ii)) ended at 28.67. Wave ((iii)) lower ended at 26.49, and pullback in wave ((iv)) built a triangle structure ended at 27.16. Currently, silver is trading in wave ((v)) of 3. We are calling for one more low to end the cycle. The ideal place to end this wave comes in 26.32 – 26.06 area, where buyers should appear to start wave 4 pullback. Near term, as far as pivot at 29.22 high stays intact, expect pullback as wave 4 to fail in 3, 7 or 11 swing for further downside in wave 5 of (C).
FX_IDC:XAGUSD
by Elliottwave-Forecast
XAGUSD:Clear Bearish Pattern Signals Potential Short OpportunityHey Realistic Traders, let's dive into the technical analysis of OANDA:XAGUSD XAGUSD has consistently moved below the EMA90 line, indicating a strong bearish trend. Historically, it also broke the Ascending Broadening Wedge (ABW) pattern, and more recently, it broke out of the symmetrical triangle. This second breakout strengthens the possibility of continued bearish movement. Additionally, the MACD has formed a bearish crossover, where the MACD line crosses below the signal line, suggesting potential downward momentum. These technical indicators support a potential downside movement to 26.02030 (Target 1) and 25.44300 (Target 2). It is essential to note that the analysis will no longer hold validity once the target/resistance area is reached. Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on XAGUSD." Please support the channel by engaging with the content, using the rocket button, and sharing your opinions in the comments below.
OANDA:XAGUSDShort
by financialfreedomgoals101
SILVER Will Go Lower From Resistance! Sell! Please, check our technical outlook for SILVER. Time Frame: 1D Current Trend: Bearish Sentiment: Overbought (based on 7-period RSI) Forecast: Bearish The market is approaching a significant resistance area 26.933. Due to the fact that we see a positive bearish reaction from the underlined area, I strongly believe that sellers will manage to push the price all the way down to 24.948 level. P.S We determine oversold/overbought condition with RSI indicator. When it drops below 30 - the market is considered to be oversold. When it bounces above 70 - the market is considered to be overbought. Like and subscribe and comment my ideas if you enjoy them!
FOREXCOM:XAGUSDShort
by SignalProvider
1