Long

Updated

SILVER (XAGUSD) 04/02/2024

Purple Box: Bearish (21.6 - 22.1p/o)
Blue Box: Bullish 1.(25 - 25.6) 2.(28 - 28.7p/o)

Bullish Scenario

Silver's a very under priced metal, I'm thinking because countries are stock piling more gold they should also be doing the same with silver...

Prise is finding or has found support above 22p/o and so a push upwards towards 25 is highly probable...

If we call our last push down a retrace, we hit 60-70%(discount?)

Bearish Scenario

There is a high probability of being bullish, but the markets the market and a fall shouldn't be ruled out...

A break below the purple box with resistance then found and a fall to 18p/o is likely... (bias change)

We could be forming an ascending triangle... So one more rejection of 25p/o and then a full pullback climb to 28p/o or passed.

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#XAGUSD We either bounce off 22 as support or we fall through with the head and shoulders pattern that has been formed...

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You just cant go wrong with special metals tbh.

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Lower time frames are looking good for silver, price needs to break above 23.5 to continue the trend... A failure would mean 22.7 is broken and we look for further drops...

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Now above 22.7 and looking for a break or test of 25 for Silver...

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Silver is climbing to 25, lets see how it reacts!!! #XAGUSD

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On some obvious observation... precious metals be moving just like crypto at the moment and metals be looking bulling AF (store of values)...

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25p/o hit… 24.8 possible support

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Bulls: above 24.8 - Bears: below 24.2

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Silver is so undervalued, this may only be the start... #XAGUSD

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#XAGUSD: Pullback expected... Bulls - bounce off 25 and a break back above 28/o 🔼 Bears - Break below and resistance found below 25/o 🔽

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#XAGUSD: Pullback expected... Bulls - bounce off 25 and a break back above 28/o... Didn't Stutter...

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The shows not over!

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Pullbacks are healthy... Markets looking for a cheaper price. Gold, Silver, Crypto (store of value) are all rising due to inflation and uncertainty in markets... 31-32/Ounce seems to be the visible support...
#XAGUSD
#XAUUSD
#DXY

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After failing to break 32.2, Silver fell too 28/o...
28/o seems to be holding as support for now...
#XAGUSD

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Silver fell too 28/o...
28/o seems to be holding as support for now...
Another test of 32/O expected...
#XAGUSD

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Silver rejecting 26/O and climbing back up...
Gold and Silver looking real cheap about now.
#XAGUSD

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SILVER 28/O seems to be holding as support... 26 underneath again if support should fail... #XAGUSD

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28/O HELD STRONG... THE SKIES THE LIMIT... #XAGUSD

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28/O HELD STRONG... THE SKIES THE LIMIT... (I DIDN'T STUTTER) #XAGUSD

DENCHMON

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DENCHMON

Also on:

Related publications

GOLD - XAUUSD

by DENCHMON