Silver

silver

I feel its a long candidate for upside move

Some bounce back may happen.. becoze it is near around downtrend channel support line... nd as per RSI Indicator it is at oversold level..

Levels on chart

Range $15-14.30

Silver is trading near the support of Golden Ratio (61.8%). Silver had faced hurdle at $ 14.60-15 range when it posted bottom at $ 13.89. It has now become support zone.White metal has bounced from 61.8% retracement of rally from $13.89 to $16.21 which is $14.78. Resistance on higher side is at $ 15.12 and $15.40. ROC and Stochastic are showing positive divergence...

Silver looks to have formed bullish Wolfe Pattern on daily chart. Breakout has already taken place. Silver should touch $15.65 by ETA of 13th May 2019 (converging point of wedge). Wave 1 took 11 days , wave 2 took 11 days, wave 3 is much shorter and took 4 days (aberration), Wave 4 took 10 days. If we go for symmetry then we won't find as Point 1 to 3 took 22 days...

Currently Silver is within consolidation on Hourly Chart. It has taken support multiple times in the range of 15.450 to 15.550 which is very akin to 0.382 Fibo Retracement from the previous swing low. Till the time its holding onto that support, the chances of breakout above resistance zone increases and we might get a good long entry.

Silver (XAGUSD) long setup Buy after the breakout

Short silver below 14.66 T1: 14.60 T2: 14.55 T3: 14.45 SL: 14.72

Short Silver at CMP(14.413+) T1: 14.28 T2: 14.21 T3: 14.13 SL: 14.51

Buy Silver at CMP (14.39+) T1: 15.236 T2: 15.635 T3: 16.000 SL: 14.100

Long on gold with a target of $1300.

Please correlate with the charts.

Midterm forecast: While the price is above the support 13.60, beginning of uptrend is expected. We make sure when the resistance at 15.60 breaks. If the support at 13.60 is broken, the short-term forecast -beginning of uptrend- will be invalid. Trading suggestion: There is a possibility of temporary retracement to suggested Buy Zone (14.650 to 14.400). We wait...

Chart explains everything, wait for weekly closing to check for further moves.

A little more consolidation before the upside may be possible.. over all trend looks Bullish..

will loike to go long in the counter for 3- 5 % upmove , no brain to be used !!!!! stop below 300 level