SILVER on H4 shows recently very strong declines. Price reached level of one of the earlier lows. It seems that now a correction should occur. Support should therefore serve at least to a short-term rebound. So in the short term, you should consider long position.
Last Friday I pointed out that there is high probability of decrease of silver price to 17.40. I showed ABCD pattern before it was even tested: “D point which should cause rebound is located at 17.40. The price was very close to that level today but silver didn’t test it yet”.
Decrease inside ABCD is happening
ABCD pattern on 17.40 made AB=CD and in D point...
Silver seems to be forming a topping structure, there is a major supply zone around 18.40, if price can close below the trend line i would be short to around the next trend/200EMA.
The RSI is also losing momentum and showing a divergence with price.
Weaker than expected NFP could be the catalyst needed here.
Hi guys if you have been following for a while you will know i have been watching Silver tirelessly. We managed to get the move down eventually with only one loss along the way at 0.5%. Turns out this was the move and we may see a chance for an addition ( another short)
FRES looks to be ion a longer term pattern that suggests that we should be looking to see a move back into the low £20.00 on a longer term field.
I would be a buyer of pull backs here and want to watch for multidigonal patterns on the precious metals and indices to look for shorter term trading opportunities within this implied bull run.
A tidy little trend line break on the 30 min chart. Lots of fundamental indication of continual bearish pressure. Failure to breach the 16500 area is a secondary confirmation. good RR at 1:2 approx
As a conservative trader ill be taking profit at the most recently broken resistance at 16.126. with TP set to 16130.
With yesterdays huge spike to the upside , price still did not close above the previous 4 months highs , as a matter of fact it even failed to close the previous days high. Projection im very bearish on Gold , im expecting in the next week or so to touch the 1240.00 zone.
SILVER - Going through a large correction
Silver has climb much since early this year, same as gold, its going through a major correction before another climb towards higher price.
Sell at Resist levels towards the support zones, remember all S/R zones and levels has power to reverse the price for correction, support can turn and become resist once price cross...