Silver as been riding the resistance of the falling wedge closely..This new of the drone attack on the Saudi Oil Facility pushed money into the safe havens again...Depending on how this situation escalates will determine if the correction in PM's will be short lived...There is always a possible Black Swan to change the outlook and timeline of the markets...With...
The bullish divergence on the 4H MACD is playing out so far showing a potential breakout occurring. The gap was not filled yet and doesn't necessarily have to be. Watch for the candle close to end with a sold bar above $18.
READ THE MARKET COMMENTARY IN THE CHART CAREFULLY...AND TRY TO LEARN THE ELLIOT WAVES...OTHERWISE ITS TOUGH TO UNDERSTAND MY ANALYSIS
YOU CAN COMMENT ONLY FOR DOUBTS IN LEARNING EW AND NOT FOR ENTER OR EXIT IN THE TRADE OR ASKING ME OR SUGGESTING ON WHAT U TAKEN, ACCORDING TO YOUR ANALYSIS.
All information given inside the chart and i shared...
Silver historically has retraced hard on big moves up...Usually anywhere between the .618 and .786...But in this scenario I think the .618 will be a little over extended on the drop...I see the price going as low as 16.25....But My target is 16.80...The falling wedge I have posted has only been in play for a day...I need more time to find out if it is going to...
Liver chart Parabolic approach;
New bets on current market action.
Gold good so far
Silver, mediocre performance. may leap to above bold red.
Palladium, has vigor.
Platinum, is on top of its horn. maybe it will remain there.
The price of Silver (in USD) has left the ascending channel, tested the next fib retracements (one coming from dec 2015 in blue, the other recent from may 2019 in violet). This level has been and is still a strong resistance and we´ll see if the bulls will have enough strength to break through.
After Silver has re-entered...
Silver has been a little overbought in the last month...It looks like it is holding support at the bottom trend line of the rising wedge...I expect it to retest the top of the wedge as resistance and then breakdown out of the wedge for a corrective move over the next few weeks or months...The trend is still up, but for now it will continue to consolidate sideways...
I am pretty use to getting most of my charts denominated against USD but I know that the market for precious metals is international and silver has a greater commodity use than other precious metals and one of its main uses is in manufacturing so I went to poking about the various denominations and the Chinese yuan looks like it might have the most predictive...
An update to a chart from 12 months ago on Silver >
It could be that a long term correction completed at 13.891$ and now in the early stages of an impulsive move.
Could be in wave 4 now but if price drops below 16.213$ then it would invalidate this theory and could potentially just be...
My more likely scenario is bullish:
The weekly chart is bullish
Trendline and support coming on daily
The monthly chart is bullish
RSI is has cleared overbought conditions but also has room to fall
we get the impulsive Trendline break
We currently have Bearish engulfing on daily
A good trade that I can see...