Silver's major support and resistance levels Silver's major support and resistance levels as per weekly close,where silver can take support and face resistance in next coming week. Three black lines indicating central pivot range
SIU1! trade ideas
SIlver MiniCurrently silver trading at 55700. Buy silver mini lots from 55555. accumulate at every 500-1000 Rs lower value based on individual risk appetite.
In other words, buy below 18.5$ and about 1-2% down, todays rate are of Jun 2020, the lowest in 5 years was in MAR 2020 about 12.5.
With FED meeting looming and bond yield increasing, dollar will become strong and metal will become weak, but Rs depreciation may provide support after Nov 2 to certain extend and with festival season ahead.
RBI may not support Rs when FED increase rate. The same pattern is seen during last FED rate rise.
Start selling above 57500-58000. for multiple lots, sell with upward movement of about 750 Rs for each lot.
THis is for SILVERM NOV future. For SILVER adjust the values accordingly.
The above suggestion is for education purpose and individual shall buy based on his own judgement and risk appetite.
Sliver Futures (SI! ), H4 Potential for Bearish MomentumType: Bearish Momentum
Resistance: 21.325
Pivot: 19.380
Support: 17.380
Preferred Case: The H4 price is in a downward trend and crossing below ichimoku cloud . The price may drop form the pivot at 19.380, where the overlap resistance is to the 1st support at 17.380 where the swing low sits
Alternative scenario: If there is a price reversal, price will move to 21.325, where the swing high and 38.2% fibonacci retracement are.
Fundamentals: There are no major news.
Silver chart overviewAfter the US inflation report, the price of silver fell sharply as the data showed that inflation was still strong. These results further strengthened the dollar, which caused goods denominated in dollars to fall. Potential lower support targets now are $18.40, $18.20 and $18.00 levels. For a bullish option, we need another positive consolidation and a return to the $19.00 level of previous support. Then we must stay in that zone and climb above the $19.20 level. After that, the price could more easily continue the bullish recovery with a new bullish impulse. Potential higher targets are the $19.40 and $19.60 levels.
MSA Model Indicator on Price behaviour of SilverMSA Indicator was able to capture on 05 September 2022, the tiredness in the Over bought position of Silver @ 60767. It is further expected that Silver may continue its downward journey for some more time. At the time of writing this note it has a SA Value of -2.94 @57325.
Silver Futures ( SI1! ), H4 Potential for Bearish MomentumType: Bearish Momentum
Resistance: 21.325
Pivot: 19.970
Support: 17.495
Preferred Case: The H4 price is below descending trend with prices trading below the ichimoku . The price may drop form the pivot at 19.970, where overlap resistance and 38.2% fibonacci retracement are to the support at 17.495 where the swing low sits
Alternative scenario: If there is a price reversal, it might test the 1st resistance at 21.325, where the swing high and 38.2% fibonacci retracement sits
Fundamentals: There are no major news.
13.600 first tp for position sell!.I don't know what's going on the world everything is incontrollable.
Everything is losing their worth.
Silver: TightIt’s getting tight! Silver hasn’t all that much room left to finish wave 4 in green… We expect it to make it in time, though, and to go for the resistance at $20.87 afterwards. Once above this mark, silver should push off into the orange zone between $22.11 and $23.72 to complete wave 5 in green as well as wave iii in orange, before starting a countermovement. However, there is a 45% chance that silver could fail to get its act together early enough and could thus drop below the support at $18.96, which would then trigger further descent below the next marks at $17.89 and $17.40.
Silver chart overviewDuring the Asian session, the price of silver continued to retreat. In the European trading session, the price of silver fell to $19.20, the support level at 61.8% Fibonacci. Silver, like gold, is taking advantage of the current dollar weakness and is moving toward the $19.40 level. For a bullish option, we need a continuation of this positive consolidation and a move towards the $19.60 level at the 50.0% Fibonacci. Then we need to stay above it and try to continue the recovery. Potential higher targets are the $19.80 and $20.00 levels. For a bearish option, we need a continuation of the negative consolidation and a price drop below the $19.20 level. After that, the price of silver would continue its further retreat, looking for better support. Potential lower targets are $19.00, $18.80 and $18.60 levels.
Silver CyclesSilver has a roughly 33d mean daily cycle and a monthly roughly 100d cycle. Monthly cycle can be 3 or 5 daily cycles. Only want to be long Silver during both the daily and monthly up cycle.
Yellow on this chart indicate the COT commercial traders going from short to neutral then back to short as price goes down into a bottom then rises again. They as market makers are rarely long, because spec's and small traders are long. Click on SI at : cotpricecharts.com/commitmentscurrent to view silver COT chart.
Nasdaq and silver shorts after inside range days workednow taking profits from my short trades that triggered new the low an prior inside range day
taking profits now at the 50% level and then at the 0.618 pullback level on silver.
CME_MINI:NQ1! with the same inside range short setup, now has new lows, taking some profits here and trailing the rest with a 2 days high trailing stop....
Silver chart overviewAfter forming last week's high at $21.23, the price of silver has been in a bearish trend since then. With the Fibonacci setup, we can measure pullbacks. The first was stopped at the 38.2% level, then we see a recovery to $20.80, but not the formation of a new higher high. The price of silver is making a new pullback which was stopped today at the 50.0% Fibonacci, and we now have some support here at $19.60. Silver prices are recovering again to $19.90, and we are now following this bullish impulse to see where the next high will be. The formation of a new lower high is a sign of a further weakening of the price of silver, and our potential target is the 61.8% Fibonacci level, the support zone of $19.00-$19.20. For a bullish option, we need a continuation of the current momentum and a price jump again to the $20.80 resistance level. A break above would greatly benefit us for a potential continuation of the price recovery. The next target is last week's high at $21.23 level.
Silver Futures (SI1!), H4 Potential for Bearish DropType: Bearish Momentum
Resistance: 21.325
Pivot: 20.050
Support: 18.755
Preferred Case: The H4 price is in a downward trend. The price may drop form the pivot at 20.050, where the overlap support is to the 1st support at 18.755 where the 61.8% fibonacci retracement sits
Alternative scenario: If there is a price reversal, price will move to 21.325, where the swing high and 38.2% fibonacci retracement are.
Fundamentals: There are no major news.
SILVER LONGSilver has been on a down trend for some time now respecting the wave pattern on the weekly chart, however I believe it might consolidate a bit before going, we gonna have to look at the candle stick analysis... Silver respect the supply and demand levels, which somehow makes it easier to trade and understand...
Silver chart overviewDuring the Asian trading session, the price of silver fell to support the $20.00 level. After that, we see a new recovery to the $20.80 level, where we stop for now and make a new pullback to $20.40. Basically, we are now in consolidation after the price of silver formed a new higher high at the $21.23 level. We need another drop to $20.00 for support to continue the bearish option. This support coincides with the 38.2% Fibonacci level. A break below the price could further lower us, and the target is 61.8% Fibonacci. We need to consolidate above the $21.00 level for a bullish option. Then we could test the previous high and maybe make a break above. A potential higher target is the $21.50 level.
Silver market catches airSilver is performing magnificently, exactly in the momentum moves envisioned by the Elliott waves. At the moment, we are in the wave (iv) of the . The wave (iii) we have completed at the high of $ 21.3 A slope of almost 19% in less than a week. Where else is there something like that?
We reach the end of wave at least at the 1.618 extension at 22.135$, but also the 200% extension at 23.12$ can be reached easily.
Often the fifth waves reach the 1 extension of the wave, which is approximately at 22.8$. So, an overshooting wave can be expected according to the current structure. Good for all who are invested in silver.
The (iv) should bottom at the 0.382 retracement at $20.020 and then extend the last impulse wave before we correct again in the .
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Re-opened silver longnow the 1.61 target is reached,
looking for a correction till we reach the
2.0 target
but taking every 5 min opening breakout for re-entries long...
also the breaking of tripple tops on 5 min chart suggest a trend continuation...
Silver Market near to bottom Silver got off to a good start and built a clean 5-part move through September 12, where it closed the wave at $20,020 per ounce. Expected after wave is a correction between the 0.618 Fibonnaci retracement and the 0.887 Fibonacci retracement. This area, starting from 18.4$ has silver now expired and with the entry of the territory of the (i) now the alternative wave (iv) excluded.
Silver is expected to change trend direction in the pink trend reversal area and complete the , then continue to rise higher in a wave .
Silver Explodes - A Lesson To Track Shifts In Order FlowHey traders,
In today’s analysis, it’s hard to ignore Silver following the 🚀explosive🚀 8%+ move up.
Let’s unpack the action as of late via the OFA script :
To do so, I am not going to apply any subjective type of analysis such as drawing trendlines, counting waves based on what way the wind blows, or any other form of guessing game…
Instead, we let the formation of fractal structures (objective measure of moves) create the pathway from which we can all make decisions. Fortunately, there is no need to engage in laborious manual work?
Why? The OFA script has all of us covered. So, with that in mind, what can we observe in the silver market?
What recurring pattern do you notice? Clue - Pay attention to the visual Ms and Ws type pattern forming…
These patterns entail, as stated in the chart, “dynamic fractal-based order flow cycles where a decreasing involvement in one direction (depicted by cycle/wave/line counts leads to a predictable move in the opposite direction seeking out the next equilibrium area, in most instance, with potential profits as a by-product…”
If you are into disseminating order flow, nothing I’ve seen beats the objectivity in analysis one can carry out via the formation of structures derived off fractal structures. Note, the chart ignores the dominant trend and simply focuses on the M and W patterns. Can you imagine if you start to align trading in the direction of just simply the dominant trend in the higher timeframes + proper risk management? Let you fantasise with that!
Remember the two key main features of the OFA script:
Magnitude: A major clue that will help determine the health of a trend is the type of progress by the dominant side in control of the trend. We need to ask the following question: Are the new legs in the active buy-sell side campaign as identified by the script increasing or decreasing in magnitude?
Velocity: When it comes to the distance the price moves, the magnitude is only ½ the equation. The other ½ has to do with the velocity of the move or the speed. Was the new leg created after a fast and impulsive move? Or did price make a new low or high with the movement being sluggish, compressive and taking too long to form? A good rule of thumb is to count the number of candles it took to achieve a new leg.
DISCLAIMER: This post contains commentary published solely for educational and informational purposes. This post's content (and any content available through links in this post) and its views do not constitute financial advice or an investment or trading recommendation, and they do not account for readers' personal financial circumstances, or their investing or trading objectives, time frame, and risk tolerance. Readers should perform their own due diligence, and consult a qualified financial adviser or other investment / financial professional before entering any trade, investment or other transaction.
Long Term VWAP trend has turned bullish for Silver after 11 yrsAtfter 11 years of bearish VWAP trends in silver... it has turned bullish and is testing. Silver is interesting as we sit in this "inflationary" environment. I say "inflationary" with quotes as we have a CRB index rising WITH the DXY. This hasn't occurred since the early 1970's and points more towards a supply issue vs. a monetary problem. Hence we see things like food and oil scream higher while metals have been lagging. This bullish turn on the VWAP in silver could be pointing a change in the metals' action in the medium term though. A confirmation would require a break and hold above the highest VWAP, which failed and failed hard in April.
I was much more confident in a break out where we failed and was wrong... yet this setup still has strength behind it. If price gets back above the upper VWAP I will be keeping a close eye on metals into the fall.
Silver 10.32.22 This is an incredible market for silver. I spent a lot of time framing the market so that you could understand that it's a ranging market and it is an expanding market, but it is not a trending market yet. I show you how you could use some of the tools to facilitate your trading and project Target's more effectively. This video I showed you three different boxes. All of them were helpful at the time, but the range box that we were working with at the end of the video one we want for now. See if you can make sense of this. it's very important to define your market and make distinctions between contracted and expanded markets, and trending vs. ranging markets.
