XAG
XAG/USD EVERY SUNDAY LIVE ZOOM ANALYSISThe gold & silver market is pushing significantly higher, following a significant miss in the U.S. labor market with fewer jobs created in August.
Friday, the U.S. Labor Department said that 235,000 jobs were created last month. The data was weaker than expected as consensus forecasts called for jobs gains of 720,000.
While the headline data saw a significant miss, the Labor Department included substantial revisions to its June and July numbers. June's employment numbers were revised up by 24,000 to 962,000 from the previous estimate of 938,000. Meanwhile, July's data was revised up to 1.053 million jobs compared to the initial estimate of 943,000.
However, some economists note that the strong revisions are not enough to take the full sting out of the disappointing headline numbers.
Meanwhile, the U.S. unemployment rate dropped to 5.2%, down from July's reading of 5.4%. The unemployment rate fell in line with expectations.
The gold market has broken through critical near-term support levels in initial reaction to the weaker-than-expected employment data. December gold futures last traded at $1,827.10, up nearly 1% on the day.
Not only was job growth weaker last month, but positive for gold, wage inflation continues to creep higher. The report said that wages rose 0.6% in August, up from July's 0.4% increase. Economists were expecting to see a 0.3% increase.
A lot of focus had been placed on the August employment numbers. Many Federal Reserve officials noted that a strong number could prompt them to launch their plans to reduce their monthly bond purchases. However, some economists say the disappointing data could force the central bank to delay those plans.
"This disappointing report will make it a closer call than we expected for a September tapering announcement from the Fed," said Katherine Judge, senior economist at CIBC.
Paul Ashworth, chief U.S. economist at Capital Economics, said that the latest employment numbers puts the Federal Reserve in a very difficult position. He noted that the economic data shows the COVID-19 pandemic and the spreading Delta Variant is impacting the current recovery.
“Even allowing for the fact that first estimates for August often disappoint on the downside, the extent of the slowdown in jobs growth all-but rules out any tapering announcement at this month's FOMC meeting and, if this weakness persists, then it could be pushed into early next year.
XAG/USD EVERY SUNDAY LIVE ZOOM ANALYSIS UK 18:00
XAGUSD SILVERXAGUSD SILVER
Unlike gold, it cannot be reused (only with large losses), and therefore its amount is constantly decreasing. Most of the demand for this precious metal, namely 60%, comes from industry.
Silver is limited, which means that its value will increase significantly every year. According to forecasts, based on the rate of silver production - the world's reserves of this precious metal may theoretically be exhausted within 15 years.
If we look at most of the large-scale, global crises and the reaction to the precious metals market, we will see that demand has only increased. Silver is an excellent tool for diversifying a long-term investor's portfolio.
The growth potential is incredible in the long term, speaking of an investment of 10 years or more.
Technically:
There is a clear uptrend. A Cup and Handle pattern is forming on the monthly chart. Also, the 50-100-200 moving averages have recently crossed. It is a strong buy signal.
Best regards, EXCAVO
SILVER set upTaking a short entry on Silver today looking for a break down of this bearish continuation pattern and looking for a double bottom on this high volatility level.
This zone has been bought up a few times in the past and is considered a high volatile area but these levels can break eventually if hammered enough and the HTF EMA's on silver arnt looking the best although could just be considered chop in a range.
Will reassess trade in that level and look to flip long incase we do have a reversal and start making bullish market strucutre.
A break down through that volatile area could get ugly for silver.
XAGUSD. Wait For A Pin Bar Or Rejection Candle To Form.XAGUSD. Watch For A Price Action Signal At 23.94000. Specifically, wait for a pin bar or rejection candle to form at price 23.94000. Double Bottom Neckline is at 23.94000. Two higher lows formed at trend line. Bullish Breakout candle engulfs previous candles.
Silver at short term resistance Sitting right at the short term resistance line of 24.009 (almost a whole number) we see a rise above that and then a retreat from the number.
Currently waiting for a confirmation of the direction for the trade so we can extend more into XAG in the near term.
Xauusd Gold What to look for nextXagusd Gold prices are aggressively moved to the upside first look for to price to come close to Trendline and then look for any buying possibilities But remember that buy-side is very limited
I will more likely to sell gold rather than buy it there is no trade for me on gold.
Cheers
💡SILVER (XAGUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support of 22.15, a resumption of an uptrend is expected.
We make sure when the resistance at 28.75 breaks.
If the support at 22.15 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
While the RSI resistance #1 at 48 is not broken, the probability of price increase would be too low.
A trough is formed in the daily chart at 22.87 on 08/20/2021, so more gains to resistance(s) 24.50, 25.75, 26.60, and maximum to Major Resistance (28.75) is expected.
Price is above WEMA21, if a price drops more, this line can act as dynamic support against more losses.
The relative strength index ( RSI ) is 47.
Take Profits:
TP1= @ 26.60
TP2= @ 28.30
TP3= @ 29.85
TP4= @ 33.45
TP5= @ 37.50
TP6= @ 44.20
TP7= @ 49.80
TP8= @ 60.00
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💡SILVER (XAGUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support of 22.15, a resumption of an uptrend is expected.
We make sure when the resistance at 28.75 breaks.
If the support at 22.15 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
While the RSI resistance #1 at 48 is not broken, the probability of price increase would be too low.
A trough is formed in the daily chart at 22.87 on 08/20/2021, so more gains to resistance(s) 24.50, 25.75, 26.60, and maximum to Major Resistance (28.75) is expected.
Price is above WEMA21, if a price drops more, this line can act as dynamic support against more losses.
The relative strength index ( RSI ) is 47.
Take Profits:
TP1= @ 26.60
TP2= @ 28.30
TP3= @ 29.85
TP4= @ 33.45
TP5= @ 37.50
TP6= @ 44.20
TP7= @ 49.80
TP8= @ 60.00
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. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!
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Trade well, ❤️
ForecastCity English Support Team ❤️
Silver poised for a breakdown?After a precipitous drop to test support near 23.00 (the 38.2% Fibonacci retracement of the March 2020 – March 2021 rally) early this month, Silver has spent the last three weeks consolidating in a range between 23.00 and 24.00.
As experienced traders know, volatility tends to be cyclical, meaning that markets alternate between periods of large trending movements and small rangebound trade. We’ve seen this exact dynamic play out with silver stair-stepping lower over the last three months, alternating between periods of sideways, rangebound trade and sharp drops.
Looking ahead, traders will be keeping a close eye out for a break of support at 23.00 to signal another potential leg lower down toward at least 22.00 or lower. A bullish break above the 24.00 level would invalidate the bearish bias and open the door for a rally back toward 25.00.
For more on the recent moves in silver and how the gold/silver ratio can provide insight for precious metals traders, see our Senior US Analyst Joe Perry’s article “Which is better to own right now: Silver or gold?”: www.forex.com
Xagusd Silver What to look foron a daily it look like silver will go back to the previous high of this channel but it is too soon to guess if this current move which will go to top or either its possible for it to retest the low before it goes i think i will go down one more before it can go.
The last shining moment for silverWhen silver broke down the huge triangle my idea was to closely look for potential bear trap. But we have been staying beyond the triangle for a long period of time and I ceased to look at it. But now chances are silver can needle back and cross the middle point of the pattern. In this case, I am going to look for patterns in minor timeframes to catch the last shining moment.
SILVER (XAG/USD) – Week 33 – Gaining bullish momentum. In our previous analysis, we correctly forecasted that the price will make a pullback and make another bullish impulse.
In the coming week, we foresee the price to correct and continue towards the resistance area. At that level, we will monitor the price action and decide if we go for one more low or we will continue to the upside.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
🐮 XAGUSD Bull ContinuationSilver is coming off a decent support level, listed in orange. A bullish continuation from 61.8% could occur. The key resistance levels are listed as support #1 and #2.
RSI has come off the oversold area and with Fridays price action begin heavy on the bullish side we believe XAG & XAU could make new bullish pushes.
Fridays volume is very bullish too.
SILVER Bearish Bias! Sell!
Hello,Traders!
SILVER is recovering from the massive fall
That happened the other week
However, we are bearish on Silver overeall
Thus,I think that once the price retests the falling trendline
We will see a bearish reaction
Sell!
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✅SILVER WILL FALL|SHORT🔥
✅SILVER is trading in a downtrend
And the moves up are weak at best
Which give us more bearish bias
And I think that one might consider a short on silver
With the target of retesting the low of the previous pullback
SHORT🔥
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XAGUSD SILVER SUPPLY AND DEMAND ANALYSISA lot of buying and selling came in during these big leg-out candles. when price came back into the demand price took off. If price rallies back up to supply I think we will get some selling pressure.
corrective or impulsive?Another leg lower for gold with inflation as the kicker.
↳ In 2018, the original bullish gold chart began the entire move. The triangle breakout and has been very impulsive.
↳ On the weekly, support comes in at $1676 and $1518 below as the main MT swing target for the ABC sequence inside a multi-year five wave pattern.
↳ For those on the bid, a daily close above $1765 would call into question the bearish view.
XAGUSD Multi-decade Cup & Handle?Silver pulled back on Friday and today along with most major commodities due to the USD showing strength on the incredible Nonfarm Payrolls numbers. All this short-term price action though can be viewed as nothing but noise on one pattern that has been developing since 1980 and may be close to completion.
I am using the very rare in financial analysis yearly time-frame where each candle represents 1 year. As you see since 1980, XAG has been forming a giant Cup & Handle (C&H) pattern. This formation tends to break aggressively to the upside once completed.
Two elements play a key role here:
* The 31.000 level and
* The 1Y MA50 (blue trend-line).
As you see during the formation of this pattern, Silver may have made its All Time High (and Double Top assuming 1980 was very close) at $50 but it is the $31 level that plays a critical part on a yearly basis as Silver has never closed a year above it even though it broke it four times.
At the same time during the formation of the C&H, the price never closed below the 1Y MA50 (blue trend-line) and only had marginal wick breaks (6 times), which makes this the strongest Support. What makes the case of this pattern even stronger is that last year also almost bounced off the 1Y MA50.
Investors should therefore keep an eye on the 31.000 level. If we manage to close this year (or any as a matter of fact) above it, then it will be a major first bullish sign that the Cup and Handle is close to being completed and that new ATH will follow.
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XAGUSD approaching the 9 month SupportSilver has been printing Lower Lows since the May 18 High and is now close to the 23.750 Support, which has been holding since December 15, 2020.
If the 1D MA50 Death Cross is avoided (may have a March 2020 effect if it doesn't), then we can expect the Support to hold and rebound back to the Lower Highs trend-line. In that case, the target is 26.700 (just below the 0.618 Fibonacci retracement level).
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XAU- Before the storm.NFP day, the excitement for the month, and I have picked up on this harmonic structure on the 30m timeframe, Now if we can see DXY make a move down to S3 support and the weekly low around 91.80 this harmonic will work a treat, However you need to wait for confirmation of this move, we need volume or PA to tell us we have found support, currently price is struggling and hasnt reacted that strongly, but we are in a dead spot before London and New york and more importantly for today the NFP volume, Proceed with caution, but thought id share what I see currently with you guys.
XAUAfter that great trade in Gold we had claiming over 150 pips, can we catch a move down using this harmonic structure on the 15m timeframe.
XAUPotential move for XAU, If we see a sell off in the DXY, I would wait for market volume before deciding to take this trade, and a bit more confirmation in the candles, but we may be able to buy XAU, up towards a target of $1827
