Silver Trading Plan - 23/Sep/2022Hello Traders,
Hope you all are doing good!!
I expect SILVER to go UP after finishing this correction.
Look for your BUY setups.
Please follow me and like if you agree or this idea helps you out in your trading plan.
Disclaimer: This is just an idea. Please do your own analysis before opening a position. Always use SL & proper risk management.
Market can evolve anytime, hence, always do your analysis and learn trade management before following any idea
SILVER.F trade ideas
SILVER VIEW silver is sell on rise as there is no change in the fundamentals yet so break above the given resistance line is not seen in near future so we continue to drop in the downward channel also it depends on the behaviour of dollar index and cpi data of usa so upcoming Data can be used as a trigger for change in the fundamentals and can help silver to get above the resistance and shine again Till the time we are experiencing low industrial demand.
Silver Elliott wave countsSilver possible wave counts are still suggesting not to go long at these levels, this may correct more, be cautious.
Possible Elliot wave counts on weekly time frame
macd in weekly is negative
Possible Elliot wave counts on daily time frame
macd in daily Negative
Possible Elliot wave counts on 4 hourly time frame
macd in 4 hourly is still below zero line
Possible Elliot wave counts on hourly time frame
macd in hourly negative crossover
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Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
Silver at 2+Year Crucial Support zone Silver ETF holdings globally are at it's lowest levels since Mid-2020. Today the Silver stand at its crucial support zone of $18/oz . On Weekly charts although the fall can be considered as a Throwback. I believe this is a Flag Pattern formation after it's steep rise from 13th July'20 from $18.513 to $29.8 by December '20 which was 61% price rise in a mere half year .
After such surge the prices witnessed a correction within a channel and thus forming a flag for the 2 year movement and stands at the lower bound of the channel ever since again. Strong bounceback looks on charts within this channel can take prices upto$22.5 in first tranche and a BO from the channel can take price upto $27-29 in few months provided with support from rise in Manufacturing/Industrial Indexes and Production globally and a fall in Inflation.
SILVER CRITICAL UPDATE As updated in the charts we still expect a little upside movement in silver for completing its 4th leg before moving towards its final showdown or the last leg (wave 5).
It’s not the right time to trade anyways in silver . We still wait for a perfect entry .
Thank you so much .
SilverSilver CMP 20$
This is a weekly chart of silver...
Looking at the chart,
we can see that Silver have completed its one wave cycle at 18.15$
and possible WAVE 3 started ....
as long as 18.15$ holds,
Silver would be buy on dips from here for where I would be looking for 30$ as my 1st tgts
Just a View!!
Vedang
SILVERSilver had broken support trendline and closed yesterday below 20 day moving average, which is clear sign of bearishness ahead. After bounce from lower end of falling channel it got rejection at upper end of falling channel, also RK's Momentum turned in sell mode, all other trend indicators like macd, rsi etc. are also suggesting same bias, According to wave structure we are possibly in wave Z of Z, which can lead to retest levels of $ 20.462 and if sustain below this then $ 19.80, On upper side RK's stop line may work as a major hurdle which is pegged at $ 22.550 to watch out for.
Over all wave structure could be like this one
Price had broken Support Trendline along with 20DMA level on closing basis
Price getting Declined by RK's Cloud and stop line on daily chart
RK's Momentum turned Negative on daily chart
Macd in weekly already in Negative mode
Macd in daily down tick converging to Negative mode
RSI in daily down tick and near 40
Most investors treat trading as a hobby because they have a full-time job doing something else.
However, If you treat trading like a business, it will pay you like a business.
If you treat like a hobby, hobbies don't pay, they cost you...!
Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
WaitOrAvoidSince posted Silver is down from 20 to 18.24. First target of 18.44 is achieved. Still there is enough room for down move. Nothing to be hurry to buy or accumulate the ETF's. Better one can wait with patience.
14-15 could be an ideal level to start accumulation on the correction. Otherwise I will like to wait for a VSA-SAR buy signal on a daily/2D TF before buying it. Dollar index keep on rising. Precious metals are expected to stay under pressure. Still stand on the sell signal.
💡 SILVER (XAGUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support 19.750, resumption of uptrend is expected.
We make sure when the resistance at 24.000 breaks.
If the support at 19.750 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
While the RSI resistance #1 at 50 is not broken, the probability of price increase would be too low.
A trough is formed in daily chart at 20.890 on 06/14/2022, so more gains to resistance(s) 21.452, 22.127, 22.995 and maximum to Major Resistance (24.000) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 42.
Supports and Resistances:
60.000
49.800
44.200
37.500
33.450
29.850
28.304
26.940
13.600
11.250
9.400
8.450
7.650
7.000
6.200
5.450
4.400
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