Silver MCX looks promisingSilver MCX looks promising at this level
After several attempt to break trend-line it is
once again at the level, RSI crossing 50 levels
If breakout occurs and stays above the Resistance we may see level around 63100-64800.
However if failed, reversal happens from this level! then nearest
support will be around 59950-58890.
Thanks
Silver
💡Don't miss the great buy opportunity in XAGUSD (SILVER)Trading suggestion:
". There is a possibility of temporary retracement to the suggested support line (22.66).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. XAGUSD is in a range bound, and the beginning of an uptrend is expected.
. The price is above the 21-Day WEMA, which acts as a dynamic support.
. The RSI is at 55.
Take Profits:
TP1= @ 23.14
TP2= @ 23.43
TP3= @ 23.96
TP4= @ 24.59
TP5= @ 25.12
TP6= @ 25.52
TP7= @ 26.00
SL= Break below S2
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💡Don't miss the great buy opportunity in XAGUSDTrading suggestion:
". There is a possibility of temporary retracement to the suggested support line (22.470).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. XAGUSD is in a range bound, and the beginning of an uptrend is expected.
. The price is below the 21-Day WEMA, which acts as a dynamic resistance.
. The RSI is at 52.
Take Profits:
TP1= @ 22.787
TP2= @ 23.124
TP3= @ 23.404
TP4= @ 23.700
TP5= @ 23.954
TP6= @ 24.289
SL= Break below S2
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. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!
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Now, It's your turn!
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#Silver #XAGUSD may have completed a long sideways correction Silver seems to have completed a rather long sideways correction to 21.42 levels. A labelled chart is shown. Yesterday's dip was a 5th wave downside thrust from a 4th wave triangle and found support at the earlier low in Sep '20
If yesterdays low holds, we are headed higher. The Risk to Reward on this trade is worth a bet on. Look for new multi year highs if 21.40 level holds
The current count has a very small wave 2 (circle) and a large wave 4 (circle) - This is not ideal but we'll go with this for now. The alternate is that the current sideways move is Wave 2 and the Aug '20 high was wave 1 - this makes it a extremely bullish count.
Silver - a little too far away $80 ? While Gold looks really promising, Silver looks a little far for the BO zone. If it just shoots up irrespective of the curve, which it did earlier also, then $80 seems to be on chart, but after a long time.
This is just a chart pattern discussion. Please trade your hard-earned money on advice of a registered stock market expert. I am a newbie trader :)
Silver Gonna crash?One can see in the charts that all levels on daily and weekly timeframes are tested. The white trend line keeps on adjusting as we go while blue is intact, signs of distribution.
once it comes to confluence zone(intersection of 2 trend lines) , perfect short opportunity.
It is a positional trade so we have to be patient.
Targets
Passive- 56000
Aggressive - 51500
Buy Silver: Silver is ready for upmove Buy Silver: Silver is ready for upmove
All Details are mentioned on Charts.
A bullish divergence occurs when the RSI creates an oversold reading followed by a higher low that matches correspondingly lower lows in the price. This indicates rising bullish momentum, and a break above oversold territory could be used to trigger a new long position.