Xagusdlong
XAGUSD | New perspective With the identification of a reversal pattern above a strong demand zone in the 4H timeframe, I am of the opinion that we might be witnessing buying traction during the course of the new week's trading session.
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XAGUSD#FOREX #XAGUSD
Silver falsely broke through the corner (but made it possible to make good money on its breakdown) and returned to the zone of uncertainty. We are waiting again.
Now the price is trading at the level of concentration of horizontal volumes - ROS. It is sandwiched between two important corners (red and red).
Slight probabilities are in favor of a downside (red scenario) due to a sustained mid-term downtrend and a weekly RSI below 50-60.
Also, such false breakouts, as highlighted in blue, indicate the weakness of bullish sentiment, and the need to collect liquidity before moving further along the trend.
In favor of growth, we can note the formed parabola (yellow), and the fact that the key global red corner is still held.
If the price manages to consolidate above the red angle, then it will continue its upward movement along the parabola to the Gann angles at ~23.2 and 24.6
By and large, like many other financial instruments, silver is in an area of uncertainty when volatility is compressed. This means one thing, that we will probably soon get a strong movement in one of the directions. Then it will be possible to stand in the desired position with a larger volume. In the meantime, you have to significantly reduce the volume and trade small movements.
*This post is not an investment recommendation or a trading recommendation.
XAGUSDXAGUSD is uptrand, if there is confirmation of rejection in the demand area, we can re-buy following the trend and target swing highs
Forecast XAGUSD⚙️In the forecast a month ago, a medium-term loy was determined. However, now the price has not sent to a rapid inertial growth towards the designated targets, but is stuck in a triangle of corners.
⚙️The price has been testing EMA-50 from below three times in the last 2 months, and so far cannot break through it.
The factors described above force us to consider the second downward scenario to levels ~12.4
Obviously, soon we will see a way out of the triangle marked with red lines. This will make it more likely to make the right choice in short / long.
Silver in inverted head and shoulders.Silver - Intraday - We look to Buy a break of 19.67 (stop at 19.57)
A bullish reverse Head and Shoulders is forming.
Previous resistance located at 19.65. A break of bespoke resistance at 19.50, and the move higher is already underway.
There is scope for mild selling at the open but losses should be limited.
Our profit targets will be 19.94 and 20.20
Resistance: 19.65 / 20.00 / 20.20
Support: 19.20 / 19.00 / 18.60
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The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
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Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
SILVER SHORT TERM BULLISH OUTLOOKThe price of the precious metal rose today, recovering from previous losses. But it still keeps raging, expecting the Fed interest rate decision.
Technical indicators are suggesting entering into long position, MACD histogram is above 0 line and RSI is above the neutral 50 line, which might provide a speculative short term opportunity for traders to get advantage of.
In this scenario the price of the instrument might test the levels of 20 dollars, on the other hand, if the trend reverses, the price might reach its previous support level at 18.75
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XAGUSD - 1D - LONGTREND ANALYSIS - 1D
There are two resistants that silver needs to escape.
The first one has been jumped over, next TP should be around 20 - 21 USD.
In case the candle is closed upper 19.5USD, second TP would be around 25 - 26 USD.
CANDLE ANALYSIS - 1D
3 bullish candles => it should be a strong indicator that we may do a long position.
🥈Silver (XAGUSD):Long-Term Elliott Waves●● Preferred count
● XAGUSD (SAXO) , 🕐TF: 1W
Fig.1
You can read a detailed commentary on the counting of the wave structure of long-term waves in the previous review . At the moment, long-term growth is expected to resume within wave Ⓒ of III , which has the right to take the form of an impulse or a ending diagonal .
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● XAGUSD (SAXO) , 🕐TF: 8h
Fig.2
It is assumed that the correction within the primary wave Ⓑ formed an expanded flat . I also want to draw attention to the formed pattern of technical analysis "Bullish Wolfe Wave". The model is indicated by two blue dotted lines, the upper line acts as a target for the expected upward wave.
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● XAGUSD (SAXO) , 🕐TF: 45min.
Fig. 3
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🕐TF: 8h
Fig.4
Locally, an alternative wave count suggests considering the probability of expanding the boundaries of the wave Ⓐ , complicating its structure to a diagonal consisting of zigzags. The markup is somewhat more harmonious, but has a number of controversial sections, for example, in the triangle X , in my subjective opinion, two subwaves are multiple zigzags , which is prohibited by the rules.
Anyway, the double zigzag in wave (2) is most likely completed. An upward wave is expected, based on the depth and structure of which we will distribute the options.
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●● Alternative count
● XAGUSD (OANDA) , 🕐TF: 1W
Fig.5
The globally alternative count, within which a large triangle (IV) is formed (more details here ), along with the local alternative, suggests the development of an ascending diagonal, but in this context - as the final wave (C) of Ⓑ .
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The Silver BulletSilver - Intraday - We look to Buy at 20.09 (stop at 19.92)
Preferred trade is to sell into rallies. There is scope for mild selling at the open but losses should be limited. Daily signals are mildly bullish. Further upside is expected although we prefer to set longs at our bespoke support levels at 20.10, resulting in improved risk/reward.
Our profit targets will be 20.58 and 21.20
Resistance: 20.83 / 21.50 / 26.00
Support: 20.40 / 20.10 / 18.93
Risk Disclaimer
The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy.
Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.'
Jamie Gun2Head Trade - Buying Silver Trade Idea: Buying Silver
Reasoning: Bullish price action on the intraday, corrective move lower, looking for gains to be extended today
Entry Level: 20.40
Take Profit Level: 20.89
Stop Loss: 20.24
Risk/Reward: 3.06:1
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XAGUSD Short Tram BUY signal....NOW
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