XAG
Silver - Don't rush into 2021 with precious metals!!FINALLY - Are you ready to conquer 2021?
I want to start this post by saying 2020 was indeed a very difficult year for many including myself the changes were and are very difficult but there were a lot of trade opportunities and this will carry onto 2021. I have posted on our YouTube channel 2021 Yr outlook - If you're interested message or comment down below - A Link will be sent to you.
Overall outlook for precious metals. There will be a pull back due on most of G10 FX Pairs, commodities & Precious metals . 2021 - Overall outlook 30-4O price for silver longer term view. Yes, I am bullish.
Silver Daily:
Key support areas:
1. 24.60
2. 23.30
3. 22.40
Key Resistance areas:
1. 26.70
2. 27.80
3. 28.50
2021 - There will be many exciting changes that will be implemented to Trade Journal. Private Trade Ideas will be now posted, uploading videos on our YouTube account and many more exciting steams on various social media platforms - Stay tuned! We are bringing you more content to boost your trades to the next level. If you'd like to grant access to all these updates, which are FREE - message us, comment down below, give us a like and we will be sure to contact you as soon possible!!
Key Tip - follow your trade plan, execute wisely and don't get emotionally embedded into any trades you take ever.
Lastly, I do want to wish you - Happy New Year! It's time for us all to have an exciting and very prosperous year ahead of trading!
Best wishes,
Trade Journal (TJ)
Remember: Just trade idea, not a recommendation.
💡SILVER (XAGUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support 21.90, resumption of uptrend is expected.
We make sure when the resistance at 27.40 breaks.
If the support at 21.90 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
The RSI downtrend #1 is broken, so the probability of resumption of uptrend is increased.
While the RSI uptrend #2 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 23.55 on 12/11/2020, so more gains maximum to Major Resistance (27.40) 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 62.
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💡SILVER (XAGUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support 21.90, resumption of uptrend is expected.
We make sure when the resistance at 27.40 breaks.
If the support at 21.90 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
The RSI downtrend #1 is broken, so the probability of resumption of uptrend is increased.
While the RSI uptrend #2 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 23.55 on 12/11/2020, so more gains maximum to Major Resistance (27.40) 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 62.
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated! ❤️
💎 Want us to help you become a better Forex trader ?
Now, It's your turn !
Be sure to leave a comment let us know how you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
💡SILVER (XAGUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support 21.90, resumption of uptrend is expected.
We make sure when the resistance at 26.00 breaks.
If the support at 21.90 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
The RSI downtrend #1 is broken, so the probability of resumption of uptrend is increased.
A trough is formed in daily chart at 23.55 on 12/11/2020, so more gains maximum to Major Resistance (26.00) 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 65.
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated! ❤️
💎 Want us to help you become a better Forex trader ?
Now, It's your turn !
Be sure to leave a comment let us know how you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
💡SILVER (XAGUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support 21.90, resumption of uptrend is expected.
We make sure when the resistance at 26.00 breaks.
If the support at 21.90 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
The RSI downtrend #1 is broken, so the probability of resumption of uptrend is increased.
A trough is formed in daily chart at 23.55 on 12/11/2020, so more gains maximum to Major Resistance (26.00) 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 65.
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated! ❤️
💎 Want us to help you become a better Forex trader ?
Now, It's your turn !
Be sure to leave a comment let us know how you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
$XAGUSD - Inverted H&S and important breakoutHi guys! 👋🏻
🔔 Silver confirmed an important brekout from the descending channel.
🔔 A pattern to watch here is - Inverted Head and Shoulders
🔔 Biden will push the stimulus bill as Covid cases in the US hit new record highs. It's time for gold and silver to shine again.
🔔 Currently, silver is testing the neckline, might retrace a bit and later continue the uptrend.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
Correlation between TNX and XAU & XAG !... We observe that starting from 1st April until 3rd August , TNX has dropped continuously and XAUUSD increased as a response to this action.
In a similar way, TNX has been increasing gradually since early August , and there is a pullback in XAUUSD.
In my opinion, the destiny of Gold ( or in general ) precious metals ( i.e. XAGUSD as well ) is highly correlated and dependent on the TNX ( 10-year treasury note yield ).
So, in the next two weeks, I will be watching TNX closely to take a position in Gold ( short or long.. ) we will see..
Please keep in mind that TNX is forming a triangle here and I see higher-lows in the past two weeks. Breakout level is around 1.00 - 1.10 I think...
( This is my own view and definitely not a trading advice. )
ridethepig | Silver finding a floor?📍 Consider the following chart, which arose after the waterfall alerts triggered :
As the main map, sellers now chose the ABC sequence, with profit taking already being done and sharp buyers also deciding to step in with an early attack.
Continue looking to play longs to shake the reluctant sellers stops at the considered centre. It is no revolutionary idea, simply corresponding with the latest moves in Gold:
Use 23.5x to build into, it does not look promising for sellers after the defence and their stops are clearly located at 26.0x and 28.9x. In other words:
Buyers know their positioning is now weak and the base is secure.
Of course other events can cause on base to appear softer than usual, so the transfer of newsflow around vaccines back towards a collapse in public sector confidence, is rather a natural weapon these days.
As usual....Thanks for keeping the feedback coming 👍 or 👎
Silver - Continuation @ridethepig Silver Market Commentary 16.12.2020
=> It was no struggle for buyers to take out the diagonal resistance. Then, what comes next is a paralysing advance. Should some sellers wish to continue holding once the initial targets are hit then we can see capitulation.
This is a typical continuation flow with Fed which can be played here. The bid will advance from here and cannot be prevented in the short-term. This will now move with Gold and show bare the base of the retracement. The correct manoeuvre here consists of holding and working longs, enough to allow 26.0x (+10%) and 28.9x (+23%) above. Swing the bat and go massive when the positions starts working.
Thanks as usual for keeping the feedback coming 👍 or 👎
Cheatsheet: Understanding the Inverse Head & Shoulders PatternThe Inverse Head & Shoulders Patterns is one of the most well known chart patterns and has a higher success rate then most (success rate, is that rate at which the pattern hits its target; the "measured move").
The pattern can be seen as a potential sign that a momentum reversal is coming into play with the last part of the pattern: the right "Shoulder" showing the market structure printing a Higher Low (HL), in up trending markets the price continually shows higher lows so this pattern is a potential way of spotting a initial HL before a uptrend begins.
Here are the main characteristics in which to identify a Inverse Head & Shoulders Pattern:
• VOLUME MIMICS PATTERN
• 3 VALLEYS, LEFT & RIGHT SIMILAR HEIGHT WITH MIDDLE DEEPEST
• TRIANGULAR IN APPEARANCE
• FOUND AFTER STRONG DOWNTREND
• HIGH SUCCESS RATE
• CAN BE SLANTED
• HIGH VOLUME ON BREAKOUT INCREASE SUCCESS CHANCES
Price forms 3 distinct valleys after a strong downtrend, the left and right valley should have a similar height (shoulders), the middle valley (head) has to be the deepest or this can not be a IHS pattern . They should seem triangular in appearance but as long as it fits the main characteristics can still be a valid pattern as sometimes they look "messy" on the smaller timeframes but valid on higher timeframes. Volume should also paint the same pattern with the 3 valleys, strong volume on breakout increases success rate.
As with any pattern you want to try buy on top of long term support areas not beneath to increase success chances.
( If you want to understand what potential support areas can be, visit the below linked idea on Order zones.)
The right shoulder should form a higher low (HL) which is a early sign of trend change, this is entry A, with entry B (riskier) being the bullish retest of of the “neckline”. The idea is to gain an early entry on the pattern at point A to maximize profits and reduce risk. Once price moves below the middle "valley" it is likely that the pattern is not valid anymore so this allows us to get a tight stop loss upon entry at "A". If you were to buy at B instead of A, you have a larger distance to the INVALIDATION point of the pattern which is not ideal.
We measure the height of the pattern and add it to the breakout level for a maximum possible price target. On some markets these patterns hit targets as high as 70% of the time.
In this example on Gold the pattern as not fully formed yet so is still not validated, plus we are also under a important resistance area so we would need to clear that first. If that happens we have the chance
Learning to trade patterns such as these can provide great opportunities if you understand price action and how to identify the key areas of the pattern that other traders and investors may be focusing on too, these areas become important psychological levels on the chart.
Thank you traders, if you found the idea informative you can show your appreciation by Liking & Commenting! If you want to learn about the bearish version of this pattern, the Head & Shoulders, then visit this idea (Click:)
Gold One Last Bounce 1950.00 - Plummet Until 2022Gold bounce to to 1900+ then dump.
Looking at some key numbers in gold using Gann numbers. Major number of 2050.00 reached.
Based on Gann Fann analysis looks to be the end of the trend for gold.
Gold to drop until 2022. USD to BOOM.
President Trump will continue to ensure stable economic growth.
DJI and NASDAQ 100 both look solid
No need to short the tech sector.
Cheers
Buck