the 3rd oct uptrend is more likely a pullback from the previous downtrend that we had analysed and played well
currently the price has reached to the fib golden zone of 0.6 and 0.7 and there is another confluence of previous rejection zone
price started making lower high and lower low
68000 - 67000 will be area of order blocks
lets wait for the price to...
Technical Analysis on Silver : -
As discussed in the last week, silver is in bullish channel. A Bullish Channel is a technical chart pattern that represents an upward price trend with clear boundaries or channel lines.
As clear shown in the attached chart price is moving in upward direction with clear channel lines.
Follow the attached charts for more analysis.
those who went long from 66k-68k in silver gained almost 2000-2200 pts
i think it will be wise to book profit and wait for new level
the fresh buying level for silver will be 68400
let the price make a pullback after such good impluse movement
follow the price on the basis of lower low and lower high
look when it reaches 68400 zone wait for price to form...
Friday's price action
a) brought the price precariously close to the descending triangle breakdown
b) Trendline recapture miserably failed and confirmed the breakdown
Both (and 2 other EW based factors) points towards price reaching green zone after break of blue zone.
The momentum oscillator is also no-where near the oversold zone and indicating some more...
The Gap up of 30th aug was not Bullish case in the price
gap just grabed all the pending liqduidity from old order block (from 20 and 27 july)
due to gap up price face hard selling liquidity and buyer liquidity made a stretch of (15 or more than !%) which created the imbalance
with all this conditions it is clear that price will be dropping lower to find more...
Below 72025 breakout, Selling silver for targets of 71000 and 70472 for the longer-term and 71064 as an immediate target.
On rejection of immediate support, 72154-150 and the price is rallying up then an alternative short is on rejection of 72750 as resistance.
Here we had shared possible Elliott wave counts of SILVER international chart on daily time frame, which are clearly suggesting us that currently we are in some ending phase of correction, which might be finish any time so now selling is not suggested but buying on dips only. I repeat, buy on Dips only is suggested as per Elliott wave structures,...
Gold and Silver have both rallied strongly last week, they are now above the key resistance levels. Silver especially looks much better placed to rally compared to Gold. With the supports close by now there is a good chance that we see a good rally in the bullion.
Gann Box and Gan Fann working perfectly on Silver MCX futures. Now Equites are rising in values and Commodties Loosing in values Let See, How Silver os going to perform in near futre. Expecting price below 70k
XAG/USD Is approaching a very strong pivot level. This level has been tested several times in the past and as we can see on the chart it has been acting as support and resistance both. With the silver having a very sharp fall it is very likely that this level will act as a support, and there can be mean reversion after the extended fall that we have seen in the commodity.