While the price is above the support 14.80, beginning of uptrend is expected.
We make sure when the resistance at 16.20 breaks.
If the support at 14.80 is broken, the short-term forecast -beginning of uptrend- will be invalid.
While the RSI support #1 at 49 is not broken, the probability of price decrease would be too low.
. There is a possibility of temporary retracement to suggested support line (14.60). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. XAGUSD is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
Silver is trading near the support of Golden Ratio (61.8%). Silver had faced hurdle at $ 14.60-15 range when it posted bottom at $ 13.89. It has now become support zone.White metal has bounced from 61.8% retracement of rally from $13.89 to $16.21 which is $14.78. Resistance on higher side is at $ 15.12 and $15.40. ROC and Stochastic are showing positive divergence...
Silver looks to have formed bullish Wolfe Pattern on daily chart. Breakout has already taken place. Silver should touch $15.65 by ETA of 13th May 2019 (converging point of wedge). Wave 1 took 11 days , wave 2 took 11 days, wave 3 is much shorter and took 4 days (aberration), Wave 4 took 10 days. If we go for symmetry then we won't find as Point 1 to 3 took 22 days...
Silver continues to trade higher for second consecutive day and closed above $15.50 for the first time since June 2018. This confirms major bullishness and a jump till $15.90/$ On the higher side, yellow metal is facing strong psychological resistance around $16.21 and break above will take the silver to next level till $17.40/$18.64.
The near term support is...
Silver spot near breaking of resistance 14.80 can rise till 14.90 and above 15 also possible .
After long time consolidation takes place in silver and now it signaling breakout and taking support around 14.40