Silver downside rally over ?Chart explains everything, wait for weekly closing to check for further moves.
CFDSILVER.USD.50.CFDSI trade ideas
MCX Silver Upside Consolidation Breakout BetSilver is showing huge consolidation for the few years revolving around the same line making it support and resistance.
Positional Idea -
Currently, if that line is not broken on closing basis which means Silver doesn't close below that line but can establish low points there), one can buy Silver.
Intraday Idea -
Also, it is getting selling pressure in the same zone every day. The best trade for "intraday" purpose should be buying at the touch of the "CSBL line" and closing at the "Intraday Resistance" but I will recommend making that "Intraday Resistance" like trailing stop loss because it can also throw a massive breakout! (Well, we have a stop loss in the downside anyways.)
SIlver bear and bullA little more consolidation before the upside may be possible.. over all trend looks Bullish..
Silver Bullish signal Buy Silver above 17.761 closing basis Targets 17.813/17.826 as per fib levels sl 16.686
Silver Technically The Silver is more vulnabrable on the down side than Gold . Silver has always been a Sell on rallies
Silver is unable to cross strong resistance level of 16.8 - 17.2 Zone
Below 16.8 the next support is 16.6 and lower 16.400
Once below 16.400 there is small support at 16.200 and lower major support is 15.800 only
The Silver is trading is this range . Keep this is mind .....Happy Trading :)
XAG/USD: silver prices are consolidatingCurrent trend
Silver prices showed moderate growth at the trading last Friday, receiving support from weaker than expected data on the US labor market.
In addition, commodities were supported by another aggravation of trade relations between the US and China, after Donald Trump ordered to create a new list of Chinese goods to raise import duties worth USD 100 billion.
The weakest growth in the number of new jobs in the US over the past six months significantly reduced the expectations of those investors who were counting on increasing the rate of US monetary policy tightening. Moreover, some analysts believe that the pace may even decline.
Support and resistance
Bollinger Bands in D1 chart demonstrate flat dynamics. The price range is actively narrowing, reflecting the emergence of mixed dynamics in recent days.
At the moment, the indicator does not contradict the further development of the "bullish" trend in the short and/or ultra-short term. Nevertheless, to open more long-term purchases, one should wait for the appearance of additional trading signals.
Resistance levels: 16.34, 16.44, 16.51, 16.60.
Support levels: 16.27, 16.20, 16.13, 16.09, 16.03.
Silver Support & ResistanceSilver Support & Resistance Trade within each support and resistance level.
Ignored us now face the consequences
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 be the case for silver,The white metal declined at the start of the session but quickly erased all the downswing from it's initial low,we already mentioned that white metal could reach to about 16.600 and this level has already reached but the real question is silver about take a big decline same as in lat dec 2017?
yes,that's very probable but here is a twist decline may not start immediately it can take some days to start,if you try to look at the lack of a visible rally in friday and compare it with proximity of the triangle apex reversal you will get your answer,in short we still may see a small rally in white metal in about 3-4 days before it plunges back
we were and still are in a situation where white metal metal could decline sharply immediately or it could go up just a bit and then decline anyway.we don't think waiting for better prices in gold and silver will be an informed decision ,That's why we decided to increase our net short size in our portfolio management.
in our last post we wrote which is still up to date
In friday's intrday follow up,silver moved higher than its target level but gold didn't,it served a strong bearish sign as it was clear that silver is outperforming gold in a dramatic manner in short term,most of the time it helps to make big decline in white metal.
session seems very similar to the mentioned nov 1 2017 session and implications therfore are bearish anyway
mining stocks reversal-gold mining stocks moved much lower after the closing bell,thing to note is despite the rally and strength in S&P 500 It moved lower,really miners only had the strength for the intial rally,Before the closing bell bears had took control over the miners and bulls were exhausted,
It's not happen very often when HUI index,miners and precious metals all generating the same signal,in short if you try to look at mining stock and precious metals it seems very likely that we are going to see big decline soon,only currency market is not cofirming our view at this point so it might postpone the decline for short term.
Imagine the gold without usd
you can't na? so let's jump right into our usd index the biggest factor which determines the prices of precious metals in near term,in our previous post we told that USD index was above its strong support level and big picture is remained bullish,USD index didn't even touched its support level but instead it moved higher,so did usd index already made its final bottom?
Still as a portfolio manager/ trader we try to think without being attached to our current position so we could form a unbiased perspective on precious metal market
what could go wrong-Breakdown below the 89.300 level will complete a short term head and shoulders pattern and this pushes prices down to feb low,it will means that 87.600 will be the next target but is it possible? in trading anything can but the probability is much-much lower as the multiple long term resistance level are present around the jan and feb low,on a short term head and shoulders pattern and this pushes prices down to feb low,on a short term basis a move below 89.300 can precide a quick decline to about 88.70,well this is a less likely outcome,the most probable outcome will be that we could see a rally above 91.20 which will precides a big rally to almost 94,this will be a very critical sign that small breakdown is invalidated below the very long term declining resistance
overall our full net short position is justified at the time of publishing this article
SILVER: 2016 high is the next target on this breakoutSILVER: 2016 high is the next target on this breakout. A tgt of 21 should be possible within H1 2018
LOOK LEFT..... MARKET GIVES A CLUE ...BUY SILVER AT 15.75-15.80 with STOPLOSS 15.40 for TARGETS 16.25 and 16.50-16.55
Long Silver Long silver
double bottom trade
cmp : 15.84
SL : 15.75
Target : 16.5
Duration : 10 -15 days
Bullish Gartley and wave B trianglesilver after completing wave b triangle will head high to complete bullish Gartley stop 16.65
Silver- Ready for upmovePrice above key moving averages and MACD turning up. Buy for target 18 to 18.5$. Stop 16.75
[Short] Descending Triangle Formation in Silver
There is formation of descending triangle at 4hr chart. Good oportunity to short if it breaks 16.6 level.
H & S breakout on silver dailySince last 16 months , silver price was trading in a H & S pattern. On 7 th July it broke neckline and went down towards 15.122 around and as usually happens price came back above neckline, forcing bears to cover their shorts. But price made its upward journey in rising wedge and it is about to breakout now. All this is about positional trading and not for intraday punter. I think price will again go below the neckline with very good steam.
