Midterm forecast:
While the price is above the support 16.55, resumption of uptrend is expected.
We make sure when the resistance at 18.75 breaks.
If the support at 16.55 is broken, the short-term forecast -resumption of uptrend- will be invalid.
We will close our open trades, if the Midterm level 16.55 is broken.
Technical analysis:
The Falling Wedge taking...
Silver was seen attempting to re-enter the trend lines channel, after a few days of consilidation.
It did respected the doji that was formed day before yesterday.
RSI 21 also appears to honor support of 50 as it as reversed from there several times.
CCI indicator too is indicating a reversal from lower band of range (-70 to -80).
Chances of an upside...
Silver has been correctly sharply for past 3 days, at the moment (17.46) it is at a make or break level.
If it slides further, it may touch 16.8 followed by 16.2 levels.
Technical indicators are showing weakness at this stage (27-09-19).
Traders taking short positions must exercise caution and keep monitoring charts for trend reversal.
18.04 on the upside...
Midterm forecast:
16.55 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI support #1 at 48 is not broken, the probability of price decrease would be too low.
A trough is formed in daily chart at 15.95 on 08/01/2019, so more gains to resistance(s) 17.20, 18.10 and more heights is expected.
Price...
Midterm forecast:
15.60 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
The RSI bounced from the support #1 at 48 and it prevented price from more losses.
A trough is formed in daily chart at 14.89 on 07/05/2019, so more gains to resistance(s) 17.20, 18.10 and more heights is expected.
Price is above...
Midterm forecast:
15.60 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
The RSI bounced from the support #1 at 48 and it prevented price from more losses.
A trough is formed in daily chart at 14.89 on 07/05/2019, so more gains to resistance(s) 16.20, 17.20, 18.10 and more heights is expected.
Price is...
Midterm forecast:
While the price is above the support 14.80, beginning of uptrend is expected.
We make sure when the resistance at 16.20 breaks.
If the support at 14.80 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis:
While the RSI support #1 at 49 is not broken, the probability of price decrease would be too low.
A...
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
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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
In our previous post we already mentioned many times that friday's session can be volatile and very tricky to predict...
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