DeGRAM | SILVER longA couple of weeks ago, we predicted that silver would most likely go down.
Price action went down and tested the support level.
We expect prices to go up since the market is in consolidation.
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Silverforecast
Silver: CircuitousSilver seems to prefer things a bit more complicated, and thus has made a detour back above the mark at $21.25. However, as long as it stays below the resistance at $22.56, we still expect silver to directly continue the descent below $21.25 and into the lower orange zone between $18.78 and $16.88, where the overarching downward movement should end. There is a 38% chance, though, that silver could expand the detour above the resistance at $22.56. In that case, it should rise until the upper edge of the orange strip between $22.74 and $23.46 before resuming the descent.
DeGRAM | SILVER short!Silver is clear in the bearish trend.
Price action made a complex pullback and false break of the major resistance level.
A false break is a great signal and opportunity for a trend continuation trade.
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Silver: Whac-A-MoleYou know the arcade- and computer-game “Whac-A-Mole”, where you have to whack little mole-figures popping up randomly back into their holes? Quite similarly to these mole-figures, silver has repeatedly been popping up into the upper orange zone between $21.85 and $23.46. Now, we don’t want to whack it, as it still has some room in the upper orange zone to finish wave iv in orange. However, as soon as wave iv in orange is completed, silver should indeed move downwards to continue the overarching descent.
SILVER (XAGUSD) Update & Time to Fall 🪙
As you remember, we spotted a bearish breakout of a rising wedge pattern on Silver yesterday.
Today we see a retest.
Retesting a broken support of the wedge, the market formed a descending triangle formation on 1H time frame.
It is a solid confirmation and it may trigger a bearish continuation.
Initial target - 21.7
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My new silver idea...Based on the Fed's adamant nature on raising rates over the next two meetings, I see weakness in the silver price. But not much more.
I think the Fed pauses and possibly pivots to easing after August when the true nature of the coming recession reveals itself.
Following that I see a rapid rise in the price of silver, in a similar time frame between 2008 and 2011. However I do see silver will retaking $50/oz much quicker than it did the last time.
Then the price of silver is in no man's land and we must base our projects based on measurements of silver compared to other investments or commodities.
Silver could reverse from supportSince the 18th Aprile Silver's price has dropped almost in a straight line with a single significant green candle on the 4th of May.
Now the price is trading in the important 22 support zone and we can have a reversal at this point
The first resistance is just above 23 followed by important 24.
Buy dips under 22 can be a good strategy with negation if support falls.
Silver: JumpyWhile bears aren’t normally known to be jumpy, the bears on the silver market have just shown signs of scariness. They must have been so focused on their way downwards that they didn’t realize how close they had already come to the support at $21.98. Although they have shrunken back from this mark, we expect them to pick up courage again quickly – after all, they have been so strong and composed lately. So, the bears should push silver below $21.98 and towards the orange zone between $20.91 and $19.59, where wave iii in orange should end. Then, a countermovement should lead silver back above $21.98, where it should finish wave iv in orange before resuming the overarching downwards movement.
Silver: Tenacious B 🐻The rock band “Tenacious D” consisting of Jack Black and Kyle Gass must soon face competition, namely from “Tenacious B”. The bears on the silver market have rightfully earned this name by perseveringly dragging silver further down despite recurrent countermovement. The expression “to bear up” doesn’t exist for nothing, after all! We expect the bears to keep going and to lead silver below the support at $21.98 and into the lower orange zone between $21.39 and $20.27, where wave iii in orange should end. The following countermovement in wave iv in orange into the upper orange zone between $22.90 and $23.52 should serve as a booster for the greater downwards movement, which should then continue below $21.98.
SILVER | SHINNING RESISTANCE AHEADSILVER has bounced from its old support zone of 23.9 - 24.1, where buyers once again pushed the price higher breaking minor resistance of 24.52.
Currently price is trading above the 24.5 area and is heading towards the strong trendline resistance.
We are expecting the price to break this resistance this time and continue its upward journey towards 30 mark.
Trade your levels accordingly
Silver: Down, Boy!Silver is being a bit stubborn these days. After finishing wave (x) in blue at the lower edge of the orange zone between $27.39 and $28.66, it has generally been moving downwards. However, this movement has time and again been interspersed with upwards twitches, which have lately returned it to the mark at $25.49. Nevertheless, we still expect silver to continue its descent and to head for the support at $21.41 in the long run.
Silver has broken local trend lineSilver has broken the short-term trend line and is likely to drop as it is highly likely that this instrument will retest the weekly support before making any move to the upside.
Currently, 25.45 could give us a selling opportunity with a target @24.32
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Silver: Close Call 😮💨That was a close call! Silver has missed our alternative scenario by a hair’s breadth by popping above the resistance at $25.49. As it has gotten its act together just in time though and has drawn back again, we still expect silver to return into our pink trend channel to move downwards below the support at $21.41.
However, although it has been narrowly avoided, our alternative scenario with a probability of 45% remains. If it prevails, silver should rise into the blue zone between $25.88 and $29.34 first before turning around again.
Silver: 1D Chart ReviewHello friends, today you can review the technical analysis idea on a 1D linear scale chart for Silver.
The chart is self-explanatory. Silver price has been climbing up the local support trend line. RSI is about to reach the overbought area. Silver price has potential to drop. It may be supported by the 0.236 Fibonacci Retracement level as well as the strong support zone if price keeps falling. If Silver price moves upwards, keep an eye on the 0.50 Fibonacci Retracement level where there is strong resistance.
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Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
$250 Silver ?Yeah, yeah... I know, the metals move slow. Silver has had this pattern playing out for 40 years. Many think it will be perpetually manipulated. Should this scenario play out, a 13x is possible. I realize many will dispute this. Others, as myself, believe it will (at some point) break free. I'm still of the mindset it's one of the most undervalued assets on the planet.
Silver: Into the Green 🌱 🌿Silver needs to relax a bit and as its last foray into the green was too short to enjoy, it has treated itself with another trip. We expect silver to extend the stay until the upper edge of the green zone between $23.69 and $24.43, where it should finish wave 2 in green. Then, it should turn around and leave the green zone to go down below the support at $21.94 and afterwards even further below $21.41.
Still, there is a 38% chance that silver could surmount the green zone and rise above the resistance at $24.75. If it makes it even above $25.49 afterwards, it should continue the ascent.
SILVER top-down analysisHello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.