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Silverananlysis

XAGUSD Spot SilverSilver had been on a downtrend for two weeks before hitting its pivot low on 5/18/23 and reversing. The Hull suite indicator has changed from red to green while the zero lag MACD indicator bounced on the zero line and is now uptrending. Importantly, on the way down price dropped quickly through a low volume area of the volume profile marked out on the the two hour chart. This area had the highest bearish momentum meaning the most negative price action over the least time. If price can regain $ 24.25, the inverse could occur being a burst of bullish momentum propelling the price through the low volume area described. Contributing to this could be a squeeze if those who are short liquidate and buy to cover. Finally, the predictive algo Echo indicator suggests a rise in price to begin the trading week up to but bouncing down from that $24.25 target being the bottom of the volume void. I will place a long trade with the target in mind. If price can break it, I expect an explosive move perhaps equal and opposite to the 4% downward move earier this week. Also contemplated are equity trades in SLV. AGQ and ZSL depending on the price progress underway.
OANDA:XAGUSDLong
by AwesomeAvani
Reasons Why I Won't Buy Silver NowSilver was definitely undervalued due to strong demand, supply deficits and the gold-silver ratio. In this chart, the blue moving line is the price of gold. We could obviously find that the gold-silver ratio has reached the highest level. So for long term view, buying silver is a really good choice. However, shall we buy the silver now or later? Here are couple reasons why i would like to buy silver later. 1. MACD: the macd of silver has reached overbrought area. In the recent 14 years, there were 8 times that silver's macd reached 4.81 level, and 6 of them dropped hard right after that. Now, the macd reached 4.81 level again. 2. RSI: the rsi of silver also reached overbrought area. In the recent 14 years, there were 7 times that silver's rsi reached 70 level, and 5 of them dropped hard right after that. Now, the rsi is moving above 72.2 level. 3. Short term trend is still bullish, but the strong resistance is around 17.32 to 17.57. It's also possible that silver moving like October 2010 in the next half year. But I prefer to wait a healthy correction before the next level breakout and it would be a good chance to buy low. (16.18 and 15.50 are strong supports. If silver break those supports, it may reach 14.90.)
COMEX:SI1!
by Nee_sh