SILVER (XAGUSD) POTENTIAL SHORT OPPORTUNITY
Hey guys! Just wanted to come on here and post a potential opportunity I see on Silver for a potential short opportunity to higher timeframe demand! Let's dive in!
OK so what fueled this idea for me on this commodity was the recent bearish move it made last month when it made the huge attempt to hit 30 oz for Silver and failed to do so driving prices back down to multi-month lows after some time of pause in price. OK now obviously higher TF Silver is of course bullish, and in a demand driven market, so this opportunity is riskier by nature. BUT based on what it did earlier in the month of April I have a feeling there atleast could be some seller follow through to some degree to increase demand in Silver even greater.
OK and aside from that we have a nice supply zone that formed around 28/oz in price of Silver and based on how the buyers bring price into that zone we could definitely see another drop. We also see some technical confluence with the golden fib aligning with our zone and our fib extension lining up with higher timeframe demand.
Hope this analysis makes sense to you all! Thank you all for tuning in. Please boost and follow my page for more highly accurate trade setups!
Cheers!
OK so what fueled this idea for me on this commodity was the recent bearish move it made last month when it made the huge attempt to hit 30 oz for Silver and failed to do so driving prices back down to multi-month lows after some time of pause in price. OK now obviously higher TF Silver is of course bullish, and in a demand driven market, so this opportunity is riskier by nature. BUT based on what it did earlier in the month of April I have a feeling there atleast could be some seller follow through to some degree to increase demand in Silver even greater.
OK and aside from that we have a nice supply zone that formed around 28/oz in price of Silver and based on how the buyers bring price into that zone we could definitely see another drop. We also see some technical confluence with the golden fib aligning with our zone and our fib extension lining up with higher timeframe demand.
Hope this analysis makes sense to you all! Thank you all for tuning in. Please boost and follow my page for more highly accurate trade setups!
Cheers!
Comment:
Silver seems to be finding some seller resistance here at supply levels...let's see how price action plays out! Cheers
Comment:
Definitely bullish on Silver longer term. This next week of price action will definitely dictate whether this has a pullback before running or if it just smashed through this supply/ taking out April highs and coming into the $31/oz range that I am seeing as the next wall for the price of Silver...Cheers!
Order cancelled:
Came in too hot from buyers for me to sell! On to the next cheers!
Keep an eye out though it is coming close to higher timeframe supply zones! Cheers!
Keep an eye out though it is coming close to higher timeframe supply zones! Cheers!