XAGUSD I Daily correction and continuation on the weeklyWelcome back! Let me know your thoughts in the comments!
** XAGUSD Analysis - Listen to video!
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Silveranalysis
SILVER Analysis 20Aug2023if you look at the price movement last week, there is a possibility that a reversal will occur. I still use the Eliot Wave notation a few weeks ago with the assumption that the price will be bullish with the invalid area boundary below. if the area is violated then the elliot wave notation will change and the trend will probably be a complex correction wave.
Why Silver could reverse NOW!Hi Traders,
Silver is at a interesting zone right now.
One the one hand the longterm long trend is still valid. But we are close on the last low at $22.1
At this zone we have a massive support with last Daily low and also longterm daily trendlie.
Looking at today´s candle it seems that we might get a long reversal (possible bullish engulfing).
TP could be the Zone arround $24.4 where we have a resistance with also some key points and another trendline.
Wish you all great success!
Team tegasFX
SILVER : Rally from either of these inflection points expectedSilver is a safe investment and it can help to protect the portfolio against inflation and economic uncertainty.
I do expect a deep crash in US market in the near future and in the light of that view, I believe that it is time to add silver to the portfolio. I'm more interested in Silver over gold because it moves more than gold in terms of percentage.
I also expect immense potential for silver over time. Having hit record highs in 2021 and 2022, silver's industrial off-take is expected to strengthen further by 2.6 percent y/y to 550 million ounces (Moz) in 2023. Silver's industrial demand is highly likely to be lifted due to the vehicle electrification, and governments' expanding commitment to green infrastructure in the coming years.
Looking forward to add silver when it reaches either of the two inflection points mentioned. The position will be added in SILVERBEES.
Will update the entry level and more details underneath.
DeGRAM | SILVER potential buySilver is in a bullish trend in the ascending channel.
The market reached the demand zone, where the price made a sharp bullish move.
Price action created a pinbar at the support level, an indication of potential upward momentum.
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Silver Almost Ready To Run Part II
Since it`s top in may silver has been in corrective mode. I exited my last trade on April 14 close to the top and have been on the sidelines since then – see my last idea. In my opinion the correction is nearing its end.
Looking at gold I expect this next upcycle to be even more aggressive then the last. I´m not in the camp of the triple top – to the contrary – I expect gold to break its highs and run. It hasn`t even retraced 38% of it´s upmove (low in Sep 22) and already wasted so many weeks correcting in terms of time. Both very bullish since imo. Market was in need of some breathing so long-term moving averages could catch up.
I would suggest to have exposure to gold and silver. Key is to be patient now and wait for the entry to come. It may take 1-2 more weeks. COT does not look as good as in march yet. I would actually like to see ~21.60 maybe even a marginal break of the red uptrend, which is intact since sep 22. Not sure if we get that low ~22.30 is monthly mid Bollinger. Somewhere in between I will look to buy. Weekly RSI 6 is at ~34 nearing oversold.
Interesting point is that gold has broken its uptrend-line – something that is often necessary for a market to bottom, its when technical traders sell their positions – while silvers uptrend-line is still intact.
Majestic Trade First Majestic Silver - NYSE:AG
- Risk/Reward Ratio 12
- Positive Divergence
- Spring reversal from under ascending triangle
- Green circle is the convergence of 200 DSMA,
POC & break out from falling wedge. A break &
close above $7.10 may be confirmation
You could enter here and place your stop as outlined on the chart and be ok with 20% hit in the event of. Or you wait for the confirmation above the noted levels before entering and place a higher stop.
PUKA
SILVER Analysis 30July2023With the formation of a new LL in the wave structure, it is certain that the possibility of greater bearish continuation. It is possible that currently a complex correction wave is formed to determine the wave (2) where Wave 2 is always a correction wave. If you want to do a short, you can do it when the price approaches LH
SILVER Analysis 24July2023I see this commodity positively bullish, now the price is stuck in the SND area and I try to provide Fibo Retracement, and the results are quite supporting this analysis to find the long area. There are 2 SND areas that are quite striking here, where the SND area intersects with Fibo 0.618 and 0.236, and the 0.236 Fibo area is also close to the bullish trendline, quite interesting?
Silver 4H Pivot Price: 24.98Silver
stabilizing above 24.98 will support rising to touch 25.16 then 25.35 then 25.53
stabilizing under 24.98 will support falling to touch 24.65 and then 24.50
Pivot Price: 24.98
Resistance prices: 25.16 & 25.35 & 25.53
Support prices: 24.65 & 24.50 & 24.20
timeframe: 4H
Silver- Confortable above supportLast week was a good one also for Silver, with the price managing to break above two important resistances: 23:20 and 24:50.
Now XagUsd is trading comfortably above the latter, which should provide support now.
That being said, dips in the 24.50 zone should be bought and the target could be set in the previous high zone around 26.
Negation comes with a daily close under support
Huge market deficit, speculation, and investment appealSilver is a precious metal that has long been valued for its versatility, beauty, and rarity. Its unique properties have made it an important material for both monetary and industrial uses. While silver is often overshadowed by gold in terms of investment appeal, it has its own unique investment potential that should not be overlooked. Based on the data from The Silver Institute and Metals Focus, there are several developments in this space that may make silver an attractive option for investment or speculation in the coming months.
To better understand this opportunity, it is important to be acquainted with the driving forces in the silver market. Silver is produced by mining and recycling. On the demand side, silver has a variety of uses, including in jewelry, silverware, investment, and industrial applications. In 2022, the total supply stood at 31,250 metric tonnes. Meanwhile, total demand reached 38,643 metric tonnes.
The mining activity accounted for 81.84% (25,578 metric tonnes) of the supply in 2022, with recycling contributing the remaining 18.16% (5,618 metric tonnes). Mining output dropped by approximately 1% YoY, and recycling grew by about 3% YoY.
As for the demand in 2022, industrial use accounted for 44.79% (17,309 metric tonnes), jewelry for 18.83% (7,280 metric tonnes), silverware for 5.91% (2,286 metric tonnes), photography for 2.21% (855 metric tonnes), and physical investment for 26.79% (10,356 metric tonnes); the remaining 1.47% of the demand relates to the other uses.
The investment demand for silver doubled from 4,884 metric tonnes in 2017 to 10,356 metric tonnes in 2022. Furthermore, jewelry demand fully recovered from a slump during the Covid-19 epidemic, rising from 4,680 metric tonnes in 2020 to 7,280 metric tonnes in 2022. In fact, the total demand for silver returned stronger from the 2020 disruption, resulting in the market being undersupplied by 7,393 metric tonnes in 2022.
As the World Silver Survey 2023 expects the total output to grow only by 2% in 2023, the market deficit represents an interesting dynamic that might prove to be impactful to the price of silver in the future. However, with the current weakness in the precious metals sector, we think it would be reasonable to either wait a little bit longer before entering a trade or start with very small purchases in multiple transactions (leaving more capital on the side for later). Our goal would be to get the entry closest to the $20 price tag and wait for silver to rise above $26.
Illustration 1.01
Illustration 1.01 shows the daily chart of XAGUSD. One red arrow indicates the declining price from 5th May 2023 until yesterday; the other red arrow hints at volume, which started to decline more recently. Normally, such a relationship between the price and volume suggests that selling pressure is losing steam, and reversal can be impending.
Technical analysis
Daily = Bearish
Weekly = Bearish
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Silver- Yet another important resistance brokenSimilar to Gold, CPI also triggered a resistance break for Silver, unlike Gold though, yesterday XagUsd has broken also above another important level...
At this moment chart structure is very bullish and we could expect another rally to 26 recent high.
24.50 old resistance is now support and in this zone, traders should look for buying opportunities.
BluetonaFX - SILVER Ascending Channel 24.000 Target HIT!Hi Traders!
Our Silver ascending channel opportunity (LINK TO ORIGINAL IDEA BELOW) from a few days ago worked to perfection, and the market agreed with our bullish view. The 23.228 was finally broken with momentum, and we had a massive bull rally to our profit target of 24.000 to fulfil our opportunity.
We are now trading just above the 24.000 level. There is another resistance level at 24.521, so if the bullish momentum continues, that will be the next target.
Please do not forget to like, comment, and follow, as your support really helps us.
Thank you for your support.
BluetonaFX