XAG
SILVER Seeks Support at $22.00 Amidst Rate Cut ExpectationsOn Monday, silver experienced a sharp downturn, revisiting the $22.00 mark, reflecting a more than 2.5% decrease from its previous close. Market participants swiftly adjusted their expectations of early rate cuts by the Federal Reserve (Fed), leading to a substantial sell-off in the white metal.
Technical Analysis:
From a technical standpoint, the current price is positioned in a crucial support area around $22.00. This zone is fortified by a dynamic trendline, historically supportive of price rebounds. Additionally, the 78.6% Fibonacci level acts as a potential discount area, offering a foundation for the price to find support. The Stochastic indicator remains in oversold conditions, signaling the potential for a rebound. Anticipating a recovery, our outlook targets a return to $24.50 and $26.00 in extension.
Economic Landscape:
Turning to economic news, the CME Fedwatch tool suggests that investors are now eyeing a potential interest rate cut in May. This shift in sentiment is attributed to persistent price pressures driven by robust household spending and favorable labor market conditions. The upcoming focus of the week will be on the release of United States Q4 Gross Domestic Product (GDP) data scheduled for Thursday. A positive GDP reading would reinforce the narrative of 'higher interest rates,' aligning with the Fed's cautious approach towards premature rate cuts.
Outlook:
As silver grapples with the $22.00 support, the interplay of technical factors and market sentiment becomes crucial. The dynamic trendline and Fibonacci support offer a potential springboard for a price rebound. However, the economic landscape, particularly the GDP data release, will significantly influence the metal's trajectory. Traders are advised to closely monitor developments to navigate potential price fluctuations in the coming days.
Conclusion:
The silver market finds itself at a critical juncture, seeking support at $22.00 amid shifting expectations of Fed rate cuts. Technical indicators suggest the potential for a rebound, yet the economic data release later in the week will undoubtedly play a pivotal role in determining silver's path. Traders should exercise caution, staying adaptable to evolving market dynamics as they unfold throughout the week.
Our preference
Long positions Above Support Area $20 with targets at 24.50 & 26 in extension.
SILVER Will Keep Growing! Buy!
Hello,Traders!
SILVER broke the key
Horizontal level of 27.00$
Which is now a support and
Went further up confidently
Which reinforces our bullish
Bias and makes me expect
A further move up and a
Retest of the horizontal
Resistance above at 30.00$
Buy!
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Silver MonthlyTarget for the next several months is ~20 usd
The sooner we hit it, the sooner we can start another bullish leg.
Short Term Targets are bullish ~23 usd
Anything can happen in this market, as JPM, Deutsche, USB, HSBC have all been fined for spoofing or manipulating the silver market in the past 3-4 years.
Silver (XAGUSD): Starting to go up!Silver (XAGUSD): OANDA:XAGUSD
In Silver, we believe we have formed the low with Wave 2 at $21.93. Since then, we've developed Waves (i) and (ii), and now likely Wave (iii) as well. It appears we've caught up with Wave (5) at the 50% extension level at $25.36. Should we now drop for Wave (iv), we expect it to be in the range between 38.2% and 61.8%, more precisely between $24.12 and $23.30. The $23.30 level is also our invalidation level, as that's where the stop of Wave (i) is located. Initially, we believe we will accept the support zone at the subordinate Wave (4) for the overarching Wave (iv). We see this as a very interesting zone and, looking upwards, we believe we will head towards the $26 mark.
SILVER Resistance Ahead! Sell!
Hello,Traders!
SILVER is surging up but
A strong horizontal resistance of 24.6$
Is ahead and despite the fact
That technicals dont work that
Well on Gold, Silver and Bitcoin
Lately, we will still be expecting
A local bearish correction as
Silver is clearly overbought
Sell!
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SILVER First Down Then UP! Buy!
Hello,Traders!
SILVER surged up rapidly
And is now making a
Local bearish correction
But after a retest of the
Horizontal support level
Of 23.3$ I will be expecting
A bullish move up
Buy!
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✅SILVER SWING LONG FROM SUPPORT🚀
✅SILVER is trading along the
Massive rising support line
And the price is already making
A bullish rebound from the support
While also forming a pattern
That looks suspiciously like
The bullish H&S on the smaller TF
Which reinforces our bullish bias
And therefore, we will be expecting
A further bullish move up
LONG🚀
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