XAG USD ( Silver / US Dollar)
Silver XAG USD about break-out Lower Timeframe bulllish W/Bott.XAGUSD_2024-08-16_22-30-17_4c366.png
Silver XAGUSD has been drifting downward in price action the past 15 hours or so on the 4HR timeframe in a falling wedge. It has recently fallen out of this falling wedge on 4hr and is turning to bullish to catch up to the Gold Price which is very strong today so far.
Silver H4 | Falling to 61.8% Fibonacci supportSilver (XAG/USD) is falling towards an overlap support and could potentially bounce off this level to climb higher.
Buy entry is at 27.24 which is an overlap support that aligns with the 61.8% Fibonacci retracement level.
Stop loss is at 26.20 which is a level that lies underneath a pullback support.
Take profit is at 28.54 which is a pullback resistance that aligns with the 78.6% Fibonacci retracement level.
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XAGUSD ( BREKOUT DESCENDING CHANNEL ) ( 4H )XAGUSD
HELLO TRADERS
Tendency , the price is under bearish pressure , after breakout channel and trading below turning level at 27.96.
TURNING LEVEL : the price of this level at 27.96 , so until the price trade below this level indicates likely to reach a support level (1) , but if the breaking by open 4h candle above this level reach of a resistance level (1) .
RESISTANCE ZONE : this zone between 28.84 and 29.65 , in order to see this zone the price need breaking turning level at 27.96 , breaking this price indicates an increase and reaching the resistance level (1) at 28.84 , then stabilizing above resistance level (1) likely to reach of a resistance level (2) at 29.65 , after breaking this zone it will be attempt to reach resistance level (3) at 30.82 , selling have already increase in this zone .
SUPPORT ZONE : this zone between 26.68 & 26.07 , until the price trading below turning level or stabilizing below this level indicates to reach of a support level (1) at 26.68 , by open 4h or 1h candle below support level (1) , it indicates to reaching support level (2) around 26.07
CORRECTIVE : the price corrective at 27.96 , before dropping .
TARGET LEVEL :
RESISTANCE LEVEL :28.84 , 29.65 , 30.82 .
SUPPORT LEVEL : 26.68 , 26.07 .
SILVER - Catch The Next BIG Wave!Our last 2 analysis of Silver has played out perfectly!
We identified that we were in a 5 wave impulsive move and were looking for wave 4 completion.
We have finally completed wave 4 and we are ready to load up for the 5th wave!
Trade idea:
- Risk entry anywhere above invalidation
- Safer entry on break of red trendline
- Stops below invalidation
- Targets: 32, 34, 36
Goodluck and as always, trade safe!
See our last 2 Silver analysis below.
MarketBreakdown | GBPUSD, USDJPY, NZDCAD, SILVER
Here are the updates & outlook for multiple instruments in my watch list.
1️⃣ #GBPUSD daily time frame 🇬🇧🇺🇸
GBPUSD broke and closed above a resistance line of
a bullish flag pattern on a daily.
Because the pair is trading in a long-term bullish trend,
such a violation is a strong bullish signal and a clear sign of
strength of the buyers.
I think that the pair will continue growing.
2️⃣ #USDJPY weekly time frame 🇺🇸🇯🇵
The market is very close to a recently broken
major rising trend line that turned into a resistance after a breakout.
I suggest looking for a pullback trade from that because
a bearish reaction will most likely follow after its test.
3️⃣ #NZDCAD daily time frame 🇳🇿🇨🇦
The price formed an ascending triangle pattern on a daily.
We see a breakout attempt of its neckline at the moment.
A daily candle close above the underlined blue area will be a strong bullish confirmation.
A bullish continuation will be expected then.
4️⃣ Silver #XAGUSD daily time frame 🪙
Looks like Silver has completed a correctional movement
and returns to a global bullish trend.
A recent breakout of a key daily horizontal resistance confirms
a local dominance of the buyers.
Do you agree with my market breakdown?
❤️Please, support my work with like, thank you!❤️
Silver H4 | Approaching pullback resistanceSilver (XAG/USD) is rising towards a pullback resistance and could potentially reverse off this level to drop lower.
Sell entry is at 28.15 which is a pullback resistance that aligns with the 61.8% Fibonacci retracement level.
Stop loss is at 28.90 which is a level that sits above the 78.6% Fibonacci retracement level and a pullback resistance.
Take profit is at 27.21 which is an overlap support.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Trading Pty. Limited (www.fxcm.com):
Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com
Stratos Global LLC (www.fxcm.com):
Losses can exceed deposits.
Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd.
The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
$SILVER will overperform $ETH ?In this #silver against #ethereum (XAG/ETH) chart, silver formed a bull flag against #ETH and also there' s a gap downside as seen on the chart. If this index make bullish breakout to upper red box, then i may expect some issues:
- ETH and #crypto may go into a corrective wave.
- Silver pumps, ETH just underperforms.
OR Whole markets' correction / dump.
If index goes to fill the gap: #ETH pumps.
Not financial advice.
Has silver turned the corner?Silver's bullish engulfing candle on Thursday may have marked the end of the corrective phase for the metal, potentially paving the way for a new bull trend.
On Thursday, XAGUSD found strong support from the area around $26.50, where it had taken off in May. It is essential that it now finds some follow-through on the upside.
An ideal scenario for the bulls today would be if we can close above resistance in the $27.60-$28.00 range, with a more significant level seen around $28.65.
Short-term support is seen around $27.26, marking Thursday's high. It is important that silver at the very least holds above this level heading into the close.
By Fawad Razaqzada, market analyst at FOREX.com
Silver Could Be BottomingSilver has been slowing down for the last three months, but drop on 4h time frame is in three waves A-B-C, which indicates for a corrective decline within higher degree wave IV. It's now potentially finishing final subwave (5) of C at 26.50 - 26.00 strong and key support area. If we get sharp or five-wave impulsive recovery back above 29.22 first bullish evidence level, then it can easily send the price back to highs for wave V.
Elliott Wave Intraday Analysis on Silver (XAGUSD) Looking to BuyShort Term Elliott Wave View in Silver (XAGUSD) suggests that pullback to 28.58 low ended a wave (A). The metal turned higher again in wave (B) ended at 31.75 high. The market resuming lower from wave (B) high breaking below 28.58 low to rule a larger correction. It means, Silver is developing a wave (C) of ((4)) as a zig zag Elliott Wave structure. Down from wave (B), wave ((i)) ended at 28.65 and wave ((ii)) ended at 29.45. Wave ((iii)) lower ended at 27.40, and pullback in wave ((iv)) ended at 28.19. Wave ((v)) ended at 27.29 which completed wave 1. Pullback in wave 2 ended at 29.22 high and the metal resumed lower in wave 3.
Down from wave 2, wave ((i)) ended at 27.93 and wave ((ii)) ended at 28.67. Wave ((iii)) lower ended at 26.49, and pullback in wave ((iv)) built a triangle structure ended at 27.16. Currently, silver is trading in wave ((v)) of 3. We are calling for one more low to end the cycle. The ideal place to end this wave comes in 26.32 – 26.06 area, where buyers should appear to start wave 4 pullback. Near term, as far as pivot at 29.22 high stays intact, expect pullback as wave 4 to fail in 3, 7 or 11 swing for further downside in wave 5 of (C).
XAGUSD:Clear Bearish Pattern Signals Potential Short OpportunityHey Realistic Traders, let's dive into the technical analysis of OANDA:XAGUSD
XAGUSD has consistently moved below the EMA90 line, indicating a strong bearish trend. Historically, it also broke the Ascending Broadening Wedge (ABW) pattern, and more recently, it broke out of the symmetrical triangle. This second breakout strengthens the possibility of continued bearish movement. Additionally, the MACD has formed a bearish crossover, where the MACD line crosses below the signal line, suggesting potential downward momentum. These technical indicators support a potential downside movement to 26.02030 (Target 1) and 25.44300 (Target 2).
It is essential to note that the analysis will no longer hold validity once the target/resistance area is reached.
Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on XAGUSD."
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