SILVERCFD trade ideas
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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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.
#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 (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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