SILVERCFD trade ideas
SILVER- @38.2% RETRACEMENT COULD PRESENT BUYING OPPORTUNITYSilver is now in a profit taking mode now having retraced 38.2% of previous swing. Buyers need to stagger their purchases as the swing highs near 30$ is likely to be revisited.
Silver about to breakout/downSymmetrical triangle on hourly chart. More likely to breakdown based on MACD but not certain.
SILVER (XAGUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is below the resistance 25.65, continuation of downtrend is expected.
We make sure when the support at 19.65 breaks.
If the resistance at 25.65 is broken, the short-term forecast -continuation of downtrend- will be invalid.
Technical analysis:
The RSI support #1 at 52 is broken, so the probability of continuation of downtrend is increased.
While the RSI downtrend #2 is not broken, bearish wave in price would continue.
A peak is formed in daily chart at 28.85 on 09/01/2020, so more losses to support(s) 22.15, 21.00 and minimum to Major Support (19.65) 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 31.
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Silver........ Sideways to negative....Every Rise is a Sell
Channel marked in Blue.....
Resistances in Red.....
Support in Green..........
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A possible bull run in silverWe are seeing an interesting situation in silver with the bears not able to close below $22. Also the previous support of the triangle formation is forming a rising channel with the long term support line. If this support line continues to hold we may see the start of a long term bull run with silver making fresh life time highs. However be aware that this is a supposition and its too soon to make a definite call.
Fraud rates - a tell tale sign of an impending economic collapseYou guys probably already know this especially those who watched the movie The Big Short, that every time before a big market crash fraud rates always go up, this has been true since the days of great depression. It is a tell-tale sign of an impending crash. And all of a sudden I came across this article saying fraud rates are up 33% during covid lockdown. Sorry cant post link here.
Today all the indicators are going bonkers , big money is selling gold/silver to cover for margin calls of falling stocks, house ownership is at pre-2008 levels , interest rates are super low, lax lending policies, tenants are not paying rent, K shaped recovery the list goes on. And with all the turbocharged money-printing there will be no more room for recovery. The economy is going to be decimated to the point of no return in the coming months and the process has just begun this week already.
#XAGUSD #SILVER headed down towards 23 and belowSilver seems to be completed wave B of the correction and sported wave 1 of C. Silver should accelerate to 23 soon
$SILVER #XAGUSD should rally from wave 4 low to new highsSilver seems to have completed its wave 4 correction, Wave C (circle) being slightly greater than Wave A (circle). This means Silver should rally to new highs in the near future.
#SILVER #XAGUSD may have completed its fall in wave CSilver seems to have completed its 5 wave fall and should settle at this level or slightly lower before it moves up from the current levels. We are near the end of wave 4 at a primary degree and should move to new highs if it gets support at these levels
Silver still looking weakSilver should retest its yesterday lows and may also create a new low. Trade with caution as market is oversold and there may be a sharp reversal.
XAGUSD - Silver is Ready To Boom !!! :)Currently it is incomplete converging triangle (abcde) and completed combined (wxy) correction. . .
Silver entering bear marketSilver has broken out of the triangle formation and continues to look weak. a close below 26.5 is necessary to reinforce the trend
SILVER (XAGUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support 25.65, resumption of uptrend is expected.
We make sure when the resistance at 29.85 breaks.
If the support at 25.65 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
The RSI uptrend #1 is broken, so the probability of resumption of uptrend is decreased.
While the RSI support #2 at 52 is not broken, the probability of price decrease would be too low.
A peak is formed in daily chart at 28.85 on 09/01/2020, so more losses to support(s) 26.20 and minimum to Major Support (25.65) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 53.
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ForecastCity English Support Team ❤️
