SILVER FUTURES has $24.860 for support and $29.150 for resistance in August. The precious metal is still bullish if it can close above $29.15 by this month or September.
Target $31.855 this year and $39 by April 2022.
-Head & Shoulder pattern
-High of $ 30 tested in Feb but could not conquer.
-Black trendline from last Oct could be the last saviour.
Though I doubt that because eGold is also showing signs of short term bearishness.
T A R G E T : $ 19 (Dec 2021)
It has been lacklustre since touching the high of $ 30 a year back. It traded in the 22-30 for a year.
With a decisive break of the 200DMA on Friday at $25.7, it would have given sleepless weekend nights to the Silver Bulls.
The GANN Fan lines and Speed resistance lines are also not signaling any smooth up-move in the near term.
June was a brutal month for Golf bugs. The Inflation news along with political developments stopped the rally of April -May, which resulted in Gold posting again of 14% in 2 months.
Trend is bullish for Gold, however 2-3% slide cannot be ruled out from 1810 levels. 200DMA resistance at 1825, is important to be monitored before any fresh long buying.
Daily closing above $28 will provide required momentum and once closes above $31, we might be in for new ATHs in Silver. Plan and trade accordingly.
Disclaimer: idea only for educational purpose. No recommendation to buy/sell.
A clear H&S pattern on 240 minute chart , We have some strong point like It previously test 9 months low on daily and it
maintained descending channel lower support around 1672 level and and it might take some time near 1740 zone to break but if it able to clear above this level once and closed above this 1740 zone it surely go 1770 zone in next 2-3 weeks.
As per short term view, GOLD is in the last phase of corrective wave-y, which is unfolding as an impulse. Currently the price structure suggests that there is a formation of a triangle & this triangle is being formed as a wave-4. This wave-4 triangle formation often takes place as a preparation of terminal trust and after that the 5th wave of the impulse get...
Long ago a surge in GOLD price rally stopped in the year 2011 & the point has been designated as a primary wave-5 by all the elliottician. From that level we have seen a correction upto the level of 1045 $. A nice corrective move.Right from that level GOLD price raised up & currently trading in a all time new highs range. But this rally from the lows 1045$ is...
Silver spot near breaking of resistance 14.80 can rise till 14.90 and above 15 also possible .
After long time consolidation takes place in silver and now it signaling breakout and taking support around 14.40
In short our additional full net short size in both of our precious metals is well justified from the reward and risk perspective at the time of writing this article/idea
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we are adding position size to our existing net short portfolio and at the time of writing this ariticle/idea our full short position in gold and silver is well justified from the measurement of risk and reward,
The usd index end up moving higher yesterday and the price of gold fell a little bit,this should be seen as sign of strength but mining stocks are...