Silver could rise to 24.50Like its bigger brother, Gold, Silver also dropped hard these days.
However, looking at price action this week we can see that the drop lacks much momentum and is drawing a falling wedge pattern on our short-term charts.
This could be an indication of a reversal and the 24.50 resistance zone could be the bulls' target.
A new low would negate this scenario
Xagusdtrade
XAGUSD Trading Plan - 16/May/2023Hello Traders,
Hope you all are doing good!!
I expect XAGUSD to go Down after finishing the correction.
Look for your SELL setups.
Please follow me and like if you agree or this idea helps you out in your trading plan.
Disclaimer: This is just an idea. Please do your own analysis before opening a position. Always use SL & proper risk management.
Market can evolve anytime, hence, always do your analysis and learn trade management before following any idea.
Is Silver ready to rise again?Since the false break under 18, back in September 2022, Silver has entered a nice up trend and has risen around 40%.
After the recent high of around 26, the price corrected, and after the confirmation of new support in old resistance bulls look ready to take control again.
The next target could be the 27 zone.
Buyers should keep in mind that before both strong reversals, the price has had a false break
XAGUSD Next MovePair : XAGUSD ( Silver / U.S Dollar )
Description :
Rising Wedge as an Corrective Pattern in Long Time Frame and it has Breakout the Lower Trend Line and Completed the Retracement
Break of Structure
Fibonacci Level - 78.60%
Rejecting from Strong S / R Level
Divergence
Impulse Correction Impulse
Elliot Waves
XAGUSDWe see a high in the range of 21.845 and higher than the previous high in the range of 21.768. It is expected that if the above oscillatory movement can be supported by the two ranges of 21.551 and 21.672 and the ceiling of the channel in the above analysis can be successfully rejected. He expected to touch two targets in the areas of 22.010 and 22.159.
important points:
1. The confirmation of departure from the current corrective trend can be obtained from the lower fractals.
2. It is not necessary to touch both targets.
3. The range between 2 targets can act as a resistance
XAGUSDWe are witnessing a decreasing trend in a channelized space. We are currently witnessing a negative divergence and we are on a static resistance in the range of 21.76186.
We have 2 scenarios ahead:
1. In case of breaking the resistance, you can experience a growth up to the ranges of 21.86676 and 21.95601 or between them and then continue the decrease up to the specified ranges.
2. It cannot break the resistance, the divergence works and the 3 specified targets of the harmonic patterns that have been completed in the ranges of 21.69113-21.59853-21.52730 can be considered as targets. If all of them fail We have the important range of 21.40745 in the intersection with the B area of the pattern, which is considered a strong resistance.
Silver -> The Bounce Is InevitableHello Traders,
welcome to this free and educational multi-timeframe technical analysis.
The last three weeks Silver perfectly tested a quite obvious previous weekly support zone, which was now turned resistance and with this weeks candle the market finally rejected the zone towards the downside.
Considering the fact that we are now testing an insanely strong weekly support zone, I do at least expect a short term short covering rally towards the upside, after Fridays harsh dump towards the downside.
From a daily perspective we are also close to retesting previous support, so I am now just waiting for a deeper retest of the support zone, before I will then enter a long position on Silver.
Thank you for watching and I will see you tomorrow!
You can also check out my previous analysis of this asset:
Silver Multi-Timeframe Analysis 30.01Hello Traders,
welcome to this free and educational technical analysis .
Silver is currently testing a very strong weekly support/resistance area amd after this massive runup there is the possibility that we will see a short term correction away from the zone.
On the daily timeframe you can see a beautiful distribution phase, where the market is starting to create lower highs and lower lows, so I am now just waiting for a break of the very strong previous support zone and then a retest,
and then I will definitely enter a short to capitalize on the continuation to the downside.
Thank you for watching and I will see you tomorrow!
You can also check out my previous analysis of this asset:
XAGUSD Next MovePair : XAGUSD ( Silver / U.S Dollar )
Description :
Bearish Channel as a Corrective Pattern in Long Time Frame and Made a Breakout of the Upper Trend Line
Divergence
Break Of Structure
Consolidation Phase in Short Time Frame wait until it Breaks the Upper Zone or the Lower Zone
Completed the " 12345 " Impulsive Wave and Corrective " ABC " Wave
XAGUSD 16-20 Jan Next MovePair : XAGUSD ( Silver / U.S Dollar )
Description :
Rising Wedge in Long Time Frame and Rejecting from the Upper Trend Line with Strong Bearish Price Action as Impulse
Making Correction in the Form Bullish Channel and Rejecting from the Upper Trend Line
Fibonacci Level - 78.60%
S- R Level
Resistance Level
Divergence
Completed " ABC " Corrective Wave
Silver Analysis 01.01.2023Hello Traders,
welcome to this free and educational analysis.
I am going to explain where I think this asset is going to go over the next few days and weeks and where I would look for trading opportunities.
If you have any questions or suggestions which asset I should analyse tomorrow, please leave a comment below.
I will personally reply to every single comment!
If you enjoyed this analysis, I would definitely appreciate it, if you smash that like button and maybe consider following my channel.
Thank you for watching and I will see you tomorrow!
You can also check out my previous analysis of this asset:
Silver Analysis 06.12.2022Hello Traders,
welcome to this free and educational analysis.
I am going to explain where I think this asset is going to go over the next few days and weeks and where I would look for trading opportunities.
If you have any questions or suggestions which asset I should analyse tomorrow, please leave a comment below.
I will personally reply to every single comment!
If you enjoyed this analysis, I would definitely appreciate it, if you smash that like button and maybe consider following my channel.
Thank you for watching and I will see you tomorrow!
XAG - Now we wait until...XAG - Now we wait until...
XAG - We wait until it breaks to upside or downside - another great opportunity that does require patience! Add alerts in or limit orders whatever you prefer that goes with your OWN trade plan. For me, I'm on side line with alerts in.
Enjoy another great opportunity!
Trade Journal
XAGUSDXAGUSD is uptrand, if there is confirmation of rejection in the demand area, we can re-buy following the trend and target swing highs
XAGUSD ShortList of confluences:
1: Trendline Breakout
2: Rising Wedge Breakout
3: Bearish Market Structure LH + LL
When we look at the bigger picture trend, we can see that sliver is in an overall bearish down trend. We can clearly see a trendline breakout and a rising wedge breakout in the
direction of the bigger trend. This is followed by visible bearish market structure as price is creating lower highs and lower lows. These combined with an extremely strong
US dollar and a 40 year high CPI data release, we are expecting silver to trend lower as the fed continues with its aggressive rate hikes.
Silver could rise from supportAfter the break above descending trend line's resistance followed by a break also above horizontal resistance, Silver made a high at 21.20 and started to drop.
As I said in my previous analysis, prices under 20 should provide strong support and a new leg up could follow.
At the time of writing Silver is trading exactly in this support and bulls can regain control from this point.
22 zone can be buyers' target and negation comes with a drop under 19