XAGUSD. Trading opportunityHello traders and investors!
Let's look for trading opportunities in silver.
Daily Timeframe (TF)
On the daily TF, the price has formed a range (sideways movement) that began in April. The upper boundary is at 32.5185, and the lower boundary is at 26.0185. The buyer's vector from point 8 to 9 has hit its target of 31.755 and successfully broke above the upper boundary of the range. However, the seller returned the price back into the range. The current vector of the seller is from point 9 to 10, with a potential target of 26.471.
We are now seeing an attempt by buyers to reverse the price upwards. The price came close but didn't quite reach 30.12, the start of the last sub-impulse of the buyer on the daily TF, which is likely to attract the price. It's better to look for selling opportunities on the daily TF from the seller’s defense of the key seller's candle (highest volume) when the price returns to the range. This level is at 32.16.
Hourly Timeframe (TF)
On the hourly TF, there is a long trend following accumulation in a range. The defense level of the breakout from the range is 30.6445. Locally, it is possible to look for buy opportunities from the buyer’s defense zone between 30.84475 and 30.821. Targets should be set nearby, such as the local high. It's possible the buyer could reach up to 32.16.
Good luck with your trading and investments!
