. There is a possibility of temporary retracement to suggested support line (17.44). 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 reached an important resistance level
and currently, the price is attempting to break below the rising wedge formation.
I feel the unwillingness of buyers to push higher at the moment.
in case of a 4H candle close below the support of the wedge , the price will most likely drop to 17.91 / 17.76 levels
silver is standing on a strong support level for quite a while.
It looks like finally ice breaks and bulls are attempting to break above the indecision horizontal range.
for us, it will be a perfect signal to buy the market.
so let the price close above the range and buy the market...
Theory of curves is an interesting application to trend changes. Some succeed - some don't. This is one to watch.
This is not a recommendation to trade securities. If you lose your money - sue yourself.
Long opportunities continue to present themselves while this technical standpoint continues to play out. Sized in from the bottom and looking to sit on my hands to take profit at key levels on the chart. Trade with care.
Note: This idea follows my own tried and testing trading strategy and rules. This idea does not constitute trading guidance for anyone else.
After breaking out from the descending wedge we got stopped at the 0.5 Fib level- 1st yellow arrow -
Some profits taken there , I was hopping we will retest back on the top of the wedge , but it seems that we are forming a bull flag,
Measure move up will be the length of the pole and that will send us straight to the 0.786 Fib level- third yellow arrow -...
XAGUSD is showing potential to rally more on the daily chart, however the weekly outlook looks a bit bearish. This will minimise the rise potential of the metal, but apperently silver is set for a bit more rally before weekly catch up to drag it down or sideways.
Here we have a classic by textbook diamond formation, sign of an equal power between bulls and bears,
Long term the price will follow the direction of the break out in which case that direction points upwards.
The macro scale of the price action also shows a bullish divergence inside a descending channel that price has been consolidating for the last couple of...
If Silver is able to close with bullish engulfing candle, then more and more upside is more likely for the metal which is currently on correction. This could possibly send the price to the upper channel of the bullish wedge.