SILVERCFD trade ideas
SILVER - KEY LEVELS Hi, today we are going to talk about SILVER and its current landscape.
We can observe at this timeframe, a confluence of technical factors, that entail a setup which might drive this asset to a new movement. The details of our analysis are highlighted in the chart above.
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silver - 18.442 should hold for the bulls. 18.442 lies on a trendline that has supported XAGUSD multiple times, since Feb 17-18.
A break below this level can initiate selling or correction in overbought markets.
Targets on the downside can be, 18.41 - 18.31 - 18.22 - 18.19.
18.56 can be used as S.Loss for short positions.
Momentum is strong sofar, 18.41 or corresponding level can be used as a stop for long side positions too.
Don't miss the great buy opportunity in XAGUSDTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (17.87). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. SILVER/U.S. DOLLAR is in a range bound and the resumption of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 59.
Take Profits:
TP1= @ 18.33
TP2= @ 18.73
TP3= @ 19.65
SL= Break below S2