XAGUSDG trade ideas
#SILVER #XAGUSD targeting 25.57 in Wave YSilver progressed very well as expected in Wave c of Wave Y. It should face resistance at around 25.57 where Wave Y = Wave W. This is also where the parallel trend channel tops.
We should watch price reaction at this area to understand if the trend will change downward ( most likely will, but lets listen to the price) . 25.57 is a good area for the W-X-Y corrective upward rally to terminate.
💡SILVER (XAGUSD) - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support 19.65, resumption of uptrend is expected.
We make sure when the resistance at 26.20 breaks.
If the support at 19.65 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
The RSI downtrend #1 is broken, so the probability of resumption of uptrend is increased.
While the RSI resistance #2 at 64 is not broken, the probability of price increase would be too low.
A trough is formed in daily chart at 22.85 on 10/06/2020, so more gains to resistance(s) 25.65 and maximum to Major Resistance (26.20) 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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Silver Long 26.02 Next TargetBuy Entry Level at 23.87 Target1* 24.10 ,Target 2 24.20, Target 3* 24.50 Stop loss 23.80
#Silver # XAGUSD ZigZag correction should lead to Wave C upThe past few days of price action in #silver is part of the larger upward correction and now looks like the last part of Wave c (circle) of X is completing. This should have already ended or will end with a quick peek below the yesterday's low. We should be then headed upward in Wave Z to complete the upward correction TVC:SILVER
LONG #SILVER #XAGUSD consolidating in a Wave B triangle ?Silver could be ready to breakout on the upside from the sideways consolidation, this is the most likely scenario as it has taken a sideways triangle over the last few days. Looking for Wave C up now if the key support holds
If breaks 25.250 is the targetPrice rejecting from the resistance, if closes above then it will reach the T1 levels with ease.
If it rejects heavily and comes down it will find the support near by and break upside, so think about long if you are in the trade.
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.
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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.
