Major Key Points to Consider
- Primary Scenario (Bullish) : Consider Long positions from corrections above the level of 48.5 with a target of 62 – 65. A Buy signal: the price holds above 54. Stop Loss: below 52, Take Profit: 62 – 65.
- Alternative Scenario (Bearish): Breakout and consolidation below the level of 52 will allow the pair to continue decline to the levels of 51 – 50. A Sell signal: the level of 52 is broken to the downside. Stop Loss: above 52, Take Profit: 51 – 50.
Technical Indicators
Trend: Short-term Bullish within a long-term Downtrend.
Support Levels: 48 – 50
Resistance Levels: 56 – 58
Momentum: Neutral to Bullish on daily timeframe
Elliott Wave Analysis
On A Weekly Chart : A Rising Larger Wave (5)Â is developing on the weekly chart of Silver : XAG/USD. Within this Larger Wave of Degree 5, the smaller wave of degree 4 as wave 3 is still developing as its part.
On A Daily Chart : Within the larger wave wave 3, smaller correction wave ((iv)) is completed and now the price is moving in wave ((5)) of 3.Â
On A 4-Hours Chart :Â The smaller wave (i) , (ii) has been completed as the parts of wave ((v)) and now the price is in wave (iii) of ((v)).
If this Presumption is correct then Silver: XAG/USD may continue to rise to the Price levels of 62– 65.
XAG/USD : Silver Current Rate in the Market
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of Webmile | Markets [A propriety of SingleDot Technologies]. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice. According to copyright law, this article is considered intellectual property, which includes a prohibition on copying and distributing it without consent.
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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