Major Key Points to Consider
- Primary Scenario (Bearish) : Consider short positions from corrections below the level of 54.5 with a target of 45 – 42. A sell signal: the price holds below 48. Stop Loss: above 53, Take Profit: 45 – 42.
- Alternative Scenario (Bullish): Breakout and consolidation above the level of 54.50 will allow the pair to continue rising to the levels of 60.5 – 62.55. A buy signal: the level of 54.5 is broken to the upside. Stop Loss: below 54, Take Profit: 60.5 – 62.55.
Technical Indicators
Trend: Short-term Bullish within a long-term Downtrend.
Support Levels: 46.5 – 48
Resistance Levels: 51 – 53..5
Momentum: Neutral to Bearish on daily timeframe
Elliott Wave Analysis
On A Weekly Chart : A Rising Larger Wave of Degree 5 is developing on the weekly chart of Silver : XAG/USD. Within this Larger Wave of Degree 5, the smaller wave of degree 4 Seems to be completed as wave ((3)) developing from year 2023. Now the price is Moving in Wave ((4)) .
On A Daily Chart : Within the Correction wave ((4)), The Correction leg A & B has been formed and Price is moving in Correction Leg C of large ZIG-ZAG structure.
On A 4-Hours Chart : The Wave C of large large ZIG-ZAG is unfolding and price movement is not so developed. Traders must wait and watch the the further development.
If this Presumption is correct then Silver: XAG/USD may continue to Decline to the Price levels of 45 – 42.
XAG/USD : Silver Current Rate in the Market
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This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.
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