Silver (XAGUSD) has formed a head and shoulders type rounding top on the 4h time frame. The price is still at the supply line. A breakdown below this line would be bearish for the commodity with measured move target of 21.75. Price action at 23.15 to 23.50 zone is critical and would decide the next course of action.
after impulsive 5 waves the ongoing sideways formation is abc formation the wave a of the same has been completed. the wave b consisting of elliott triangle is marked by a-b-c-d-e the current downside is the wave c and this should minimum reach the levels of wave A , ideally it is beyond that . ( we will review the TAKE PROFIT levels later . GO SHORT ON ...
We can go short on silver from this level. 68 fib Round number
XAGUSD LOOKS WEAK AND CONTINUING DOWNSIDE MOVEMENT short xagusd with strick stoploss silver looks like strong bearish If price rejects from resistance zones AT 20 EMA OR 50 EMA OR 200 EMA Twith hen go for short STRONG SL - 23.60 TARGET 1 - 22.00 TARGET 2 - 21.60 TARGET 3 - 21.20 TARGET 4 - 20.50
In the Daily Timeframe the Price Action Pattern show a cup and handle pattern which make a move to down side. If the price goes below and close a bearish candle form which means the confirmation for price goes down.
Silver price action gives a bearish idea , it may go down to touch 15.8.. from there it may start the new month price action..
Gold or xauusd is moving in a bullish channel on weekly charts. Friday's top has touched this very line and closed a couple of dollars lower. Breakouts on weekly channels are not seen very often, a cautious approach is a must at these levels. I would wait for more SELL signals on other indicators before going short, 4-5 $ above the trendline will be the...
SILVER IS TOPING OUT CURRENTLY IN 1H chart could be a temporary pullback in it.
OUR CURRENT POSITION GOLD-SHORT-ENTRY-1325 TARGET-1230 STOP LOSS-1385 SILVER-SHORT-ENTRY-16.500 TARGET-14.700 STOP LOSS-17.300 ( It doesn’t, however, mean that we won’t adjust (limit, close or even reverse) the position before this price level is reached. If we get enough confirmations other than gold’s price level itself (for instance, mining stocks show...
OUR CURRENT POSITION GOLD-SHORT-ENTRY-1325 TARGET-1230 STOP LOSS-1385 SILVER-SHORT-ENTRY-16.500 TARGET-14.700 STOP LOSS-17.300( It doesn’t, means that we can't close or even reverse our position in the middle,if we get enough confirmation we can close like we did 3 times previously or even reverse the position if needed) At the moment of writing this...
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 and could affect gold and silver prices in short term and that seems to...