Going for SilverSilver might be primed for a breakout to recent highs here as the Gold/Silver ratio looks stretched at the moment.
XAGUSD trade ideas
Silver in down Channel.Silver currently in a down Channel.
There's a very large silver deficit not many know about, it's used in all productions, and not enough is being mined to supply the world.
A weak USD Dollar and a pick-up in Industrial production from India and China should send Silver towards it's all time highs at $49.
Silver H12 AnalysisSilver has been on the decline since it triple topped at 31.50 in July. There may be another opportunity to sell targeting the 26.20 zone which was support in May this year.
XAG/USD: Awaiting Confirmation for Potential Bullish ReversalHello Everyone,
XAG/USD has been bearish for longer than expected. Currently, the price has hit a fresh 3-month low at $26.434. We are now looking for another confirmation from the 1D Pivot Point (PP) to see if it will continue to act as support, as it has so far. If it does, we could be heading to new highs! Both the Simple Moving Average (SMA) and Exponential Moving Average (EMA) (5-200) confirm this outlook. All we need now is that confirmation, and we’re off to the races!
TradeWithTheTrend3344
Silver Price Forecast: Wave Five Targets $33According to Sabah Equity Research's analysis using Elliott Wave Theory 2.0, silver is poised for an upward trajectory. The recent market movements suggest that wave four's corrective phase has concluded, paving the way for wave five.
Elliott Wave Theory Overview
Elliott Wave Theory is a technical analysis framework used to forecast market trends by identifying recurring patterns in investor behavior. It suggests that markets move in repetitive cycles, consisting of five upward waves followed by three corrective waves.
Current Market Position
Sabah Equity Research indicates that silver has completed its wave four correction. This phase typically involves a sideways or downward movement, allowing the market to consolidate before resuming its upward trend.
Wave Five Projection
As wave five begins, investors should prepare for a potential rise in silver prices. The target is set at $33, driven by renewed investor interest and favorable market conditions. This wave is often characterized by strong momentum and increased buying pressure.
Investment Implications
For investors, this forecast suggests a promising opportunity to capitalize on silver's expected growth. Monitoring market indicators and maintaining a strategic approach could be key to maximizing returns during this phase.
To sum up, with wave four behind us, the path seems clear for silver to advance to $33 as it enters wave five. Investors should remain vigilant and consider adjusting their portfolios to align with this bullish outlook.
silver wedge still bearish pattern, bullish signal if retest 30bull target 34 and 37
but no signal yet since need 30 retest
wedge still bearish pattern without breakout
also double bottom 26.x needed for mini bullish divergence
even with breakout, it still bull trap around 29.2
SILVER Short From Resistance! Sell!
Hello,Traders!
SILVER went up and hit
A horizontal resistance
Of 27.66$ and now we
Are already seeing a
Bearish pullback so we
Will be expecting a
Further move down
Sell!
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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 $27.26, marking Thursday's high. It is important that silver at the very least holds above this level heading into the close.
By Fawad Razaqzada, market analyst at FOREX.com
XAGUSD STRUCTURE Hello dear traders this is the structure we will be following for the coming week, we will have to patiently sit on our hands and wait for prices to get into our OB above before we look for further confirmations before entry, regardless of what trading style you use, do well to take note of this.
Do well to like share and follow.
Silver Could Be BottomingSilver has been slowing down for the last three months, but drop on 4h time frame is in three waves A-B-C, which indicates for a corrective decline within higher degree wave IV. It's now potentially finishing final subwave (5) of C at 26.50 - 26.00 strong and key support area. If we get sharp or five-wave impulsive recovery back above 29.22 first bullish evidence level, then it can easily send the price back to highs for wave V.
XAGUSD Buy Long at 24.756Wait for a little pull back at 24.756 Area and go in for a Long buy on XAGUSD
SILVER POTENTIAL SHORT|
✅SILVER will soon retest a key resistance level of 28.00$
So I think that the price will make a pullback
And go down to retest the demand level below at 27.00$
SHORT🔥
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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.
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!
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).
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."
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SILVER (XAGUSD): Will the Decline Continue?!As I predicted earlier, 📉Silver has indeed bounced off a broken key level on the daily chart.
Further analysis on the 4-hour chart reveals another bearish signal, where the price has broken below the support line of a symmetrical triangle pattern.
This suggests a likely retest of the current low, followed by a potential drop to the 26.10 level.
SILVER Swing Support Ahead! Buy!
Hello,Traders!
SILVER keeps going
Down but a strong
Horizontal support
Is ahead at 26.00$
So after the retest we
Will be expecting a
Swing bullish rebound
Buy!
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Could Silver be about to move North?Perched on Support 4 on the Cams, after failing to fall through the support twice, with a fair way to the Pivot at about 29.75 and having broken the downward trend, could Silver be about to start it's trek north or will it fall at support 4?
MY IDEA ON SILVER, Silver will go on a short buy before selling MY IDEA ON SILVER, Silver will go on a short buy before selling
Silver to Rice to 28.800looking for a rise on silver to the next magnet zone which happens to be 28. 800. a symentric triangle is forming at the bottom at the moment, waiting to see the breakout direction. trade carefully, use proper risk management
