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 Bullish within a long-term Downtrend.
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 has been formed and Price is moving in Correction Leg B of large ZIG-ZAG structure.
On A 4-Hours Chart : Within the Large Wave B in upward direction of Wave (4), The smaller wave (c) is still developing on 4-Hour chart of Silver (XAGUSD). The wave (a) and (b) has been completed and unfolding the Wave (c) initial Phase of Large Wave B.
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
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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