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.
From the analysis it can be seen that the fractal sequences do not follow each other in amplitude of 1-2 or 2-1. But in the proportions above the fractal arrows. The point is that the next sequence of the exchange rate is not 1-2 but 1-2.25. This is an important factor. After all, the answer is not 2-1 but 2-0.75. Because exchange rate amplitude shifts higher by...
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.
Silver is also recording an uptrend on H4 just like gold. At 17.339 level, there are potentials for the metal price to be rejected where Daily bear sentiments could catch up.
XAG/USD
Buy Position
Expecting MASSIVE UPSIDE on this position
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Hi Traders,
XAGUSD broken the 200 EMA on H4, I will be waiting for a pullback to start selling.
XAGUSD, Sell on H4.
This means USD will gain strenght which is also confirming our XAUUSD and DXY analysis.
RR: 2.25
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Silver price also maybe falling now, but it's in corrective wave on the daily. However, longer timeframe is still trending up. Potentially, silver could re-test support at 16. If this level is violated, there is a cushion support at 15.5 to look for price rejection on silver. Generally, both silver and gold are often bullish between December - February.
Beta Project(R). Risk Management: Compound (Constant) Level : PA (Constant) This is just my view follow if it aligns with yours. Ideas are not repeated rather updated.Projections may be subject to failure.
Silver is at a critical position. This is an opportunity for a controlled loss..
Did I say 'loss'? Yes - I did. If you cannot afford a reasonable stop-loss - of your choice - do not go long on Silver.
Those interested in the Gold:Silver ratio, may check out its importance in recent weeks (on the net).
Note that silver is going at roughly USD $17.04 at the...
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (17.80). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. 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 Prices have been followed for centuries. Silver (XAG) is a precious metal used in jewelry, silverware, electronics, and currency. Silver prices are widely followed in financial markets around the world. Silver has been traded for thousands of years and was once used for currency backing. Silver continues to be one of the most commonly traded commodities today. Silver prices are highly volatile due to speculation and supply and demand. Ag is the chemical symbol for silver on the periodic table of elements and its ISO currency symbol is XAG.
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