SILVER - Bullish Candle Today!RSI and Stochastic are bullish.
Today's bullish candle suggests that we will go test the upper yellow resistance.
Silverusd
SILVER ANALYSIS AND FORECAST FOR NEXT WEEK UNTIL 28th OF AUGUST Please share with me your thoughts,
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SILVER Weekly Technical Analysis UpdateMidterm forecast:
While the price is below the resistance 29.85, beginning of downtrend is expected.
We make sure when the support at 19.65 breaks.
If the resistance at 29.85 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
While the RSI support #2 at 45 is not broken, the probability of price decrease would be too low.
A trough is formed in daily chart at 23.39 on 08/11/2020, so more gains to resistance(s) 27.00, 28.35 and maximum to Major Resistance (29.85) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 59.
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SILVER Weekly Technical Analysis UpdateMidterm forecast:
While the price is below the resistance 29.85, beginning of downtrend is expected.
We make sure when the support at 19.65 breaks.
If the resistance at 29.85 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
While the RSI support #2 at 45 is not broken, the probability of price decrease would be too low.
A trough is formed in daily chart at 23.39 on 08/11/2020, so more gains to resistance(s) 27.00, 28.35 and maximum to Major Resistance (29.85) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 59.
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SILVER - Correction was due, Rally is still healthyRSI 50 neutral level bounced back signaling that the uptrend pattern is still intact
Silver on its way back up (cont.)Silver’s larger overall Elliot impulse wave started in mid-March, and I believe we just completed wave 4’s correction. This overall trend is noted by the blue Elliot impulse wave in the chart. I took a guess and put the end of this impulse at $33.54. It just seems like the support and resistance levels line up well here when considering the chart dating back to mid-March, and so does the 2.618 Fibonacci extension level of more recent patterns. This is purely a guess though, I have no way of knowing where wave 5 will end up.
Within the overall pattern are smaller fractals of Elliot waves that I have labeled yellow for impulse waves and white for correction waves. I have June 15 as the date that the most recent 12345 Elliot impulse wave started and the Aug 6-7 peak as the top of wave 5. It looks like wave C of the correction just bottomed out, and the silver is climbing back upwards. This is between the 38.2% and 50% Fibonacci retracement levels of the overall chart (the blue line, dating back to mid-March). That means that right now is an excellent long-term time time to buy silver.
I do expect silver to continue to be bullish. The effect of scarcity in markets cannot be overstated. We know that central banks are very good at creating fiat currency out of thin air. We know that alchemists have thus far been unsuccessful in creating precious metals out of thin air. When we speak of the price of silver (or any other commodity) in terms of fiat (usually the US dollar) we are comparing an element to a fiat currency that is being created out of thin air at an ever increasing rate. And, if we think of price as a function of the relative scarcity of one thing to another, it’s hard to imagine how the relative value of the elemental metal won’t increase.
And what about demand? Silver is an essential part of solar panels and the electric circuitry of things like cell phones and other electronics. 5G? Electric cars? Solar powered homes? Smart homes? If you think those are going to be ever-increasing aspects of our daily lives, then you should have no doubt about silver’s outlook from a demand perspective.
And so, I do think that silver will continue to remain bullish relative to fiat. I do believe that the current price will be looked back on as a low, and a great opportunity to buy. And, yes, I do believe we will soon enter another bullish Elliot impulse wave. You’ll look back and brag about how you bought silver back in August 2020.
SILVER - UpdateThe breakout call was accurate and saw an explosive rally (see link to related ideas).
Price is currently consolidating.
One More Leg for Silver? XAGUSD 4H4H chart shows momentum shift, silver is topping out if not already, question is what does the future bring in terms of chaos and disorder: will it lead to another drop for paper silver, or the biggest rise in recent history?
This is not financial advice.
Silver Run on Liquidity We saw a run on stops in February this year as silver raided stops into the liquidity pool below $12.
The next raid happen this week as price broke above the $20 closing a short stops.
The next liquidity pool we should see price run to is the liquidity pool above $36 catching swing traders out who have the stop above these equal highs.
We should see a larger move higher above $50, as physical silver is very rare commodity that is used in industry and electrics.
With the gold silver ratio needing to narrow further, and with economic stimulus by governments around the world running rampant, we will see higher prices in silver.
Looking back to old charts and buys SILVER still lot of room I bought on 4th of September 2018 my first physical silver, since then we are currently up 92%, and yet there is much more to come. Free money printed by goverments everywhere, we have atleast 3 more months of absolute shit growth ahead of us. GL to all.
DO NOT SHORT ANY MARKETS
SILVER Weekly Technical Analysis UpdateMidterm forecast:
18.95 is a major support, while this level is not broken, the Midterm wave will be uptrend.
We will close our open trades, if the Midterm level 18.95 is broken.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 17.35 on 06/24/2020, so more gains to resistance(s) 25.10, 26.20, 27.00 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 77.
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SILVER Weekly Technical Analysis UpdateMidterm forecast:
18.95 is a major support, while this level is not broken, the Midterm wave will be uptrend.
We will close our open trades, if the Midterm level 18.95 is broken.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 17.35 on 06/24/2020, so more gains to resistance(s) 25.10, 26.20, 27.00 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 77.
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August will be another rollercoaster ride for SilverWave 2 pullback has ended I think.
Green buying pressure has returned on the Volume chart. The RSI has recharged and looks ready with plenty free runway space ahead. MACD shows a turning point inflection and the MACD histogram looks ready to go green again.
Followed by good wave 3.
Wave 4 pullback will coincide with the expected Gold pullback.
Followed by a good 5.
Then at the end possibly a 10%-20% pullback.
As ever the market is all about good timing
Silver Should See $26.80- $30 Perhaps sooner than later we will see silver explore the next upper fib level? Based on momentum and RSI this is possible, keep an eye on the hourly RSI. Macro fundamentals might propel this mighty metal.
SilverWhat a strong month for silver.
gold staying around 1900 levels will keep silver near 23. ATH for gold just a step away. Retrace at 22.2, 21.5, 21.0 all possible. Long term bull, short term unbiased. Wiggle room here but holding longs regardless.
good luck
Ideas are not gospel
