Major Key Points to Consider
- Primary Scenario (Bearish) : Consider short positions from corrections below the level of 50.5 with a target of 45 – 42. A sell signal: the price holds below 47. Stop Loss: above 48, Take Profit: 45 – 42.
- Alternative Scenario (Bullish): Breakout and consolidation above the level of 49.50 will allow the pair to continue rising to the levels of 50.5 – 51.55. A buy signal: the level of 49.5 is broken to the upside. Stop Loss: below 48.9, Take Profit: 50.5 – 51.55.
Technical Indicators
Trend: Short-term Bearish within a long-term Uptrend.
Support Levels: 42 – 41
Resistance Levels: 49 – 49.5
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 and Leg B has been formed and Price is moving in Correction Leg C of large ZIG-ZAG structure.
On A 4-Hours Chart : Within the Large Wave C in downward direction of Wave (4), it seems the enough development is still remaining and unfolding in near days.
If this Presumption is correct then Silver: XAG/USD may continue to Decline to the Price levels of 42 – 41.
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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