Hello everyone,
Previously I posted both monthly and weekly timeframe charts of
XAGUSD to get a better view of price movement and behavior. Today, Silver completed it's retest and bounced from the previous monthly resistance zone and pushing hard to break one of the keys resistance levels, which was tested around 7 years ago. As always there are multiple scenarios for this one:
1) Price breaks through the resistance level, close above it and retests and move upwards to test 26.15-26.84 area. This area is probably full of sell orders, so the price may not be able to breakthrough at first try.
2) Price gets rejected from the current resistance level at the daily close, makes a retracement and tests the 22-21 area again to find support, tests either previous LH level or gathers strength, and tries one more push to the 25 levels.
Also, it's better to note that, there is a huge gap between 24.46 and 26.16 levels so there might be a huge price jump between those levels. Above, there area 26.84 and 30.77 resistance(possible retest levels, they have not been tested for 7 years)
All in all, Silver is still bullish and made a huge comeback after years, maybe not testing it's previous ATH levels but considering it has been accumulating/going flat for years, Silver finally made nice profits by visiting long forgotten resistance levels.
Previously I posted both monthly and weekly timeframe charts of
XAGUSD to get a better view of price movement and behavior. Today, Silver completed it's retest and bounced from the previous monthly resistance zone and pushing hard to break one of the keys resistance levels, which was tested around 7 years ago. As always there are multiple scenarios for this one:1) Price breaks through the resistance level, close above it and retests and move upwards to test 26.15-26.84 area. This area is probably full of sell orders, so the price may not be able to breakthrough at first try.
2) Price gets rejected from the current resistance level at the daily close, makes a retracement and tests the 22-21 area again to find support, tests either previous LH level or gathers strength, and tries one more push to the 25 levels.
Also, it's better to note that, there is a huge gap between 24.46 and 26.16 levels so there might be a huge price jump between those levels. Above, there area 26.84 and 30.77 resistance(possible retest levels, they have not been tested for 7 years)
All in all, Silver is still bullish and made a huge comeback after years, maybe not testing it's previous ATH levels but considering it has been accumulating/going flat for years, Silver finally made nice profits by visiting long forgotten resistance levels.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.