Thread: Silver
elliott correction zigzag 31.61 it should trade higher to 31.64 while 31.24 or31.12 offers support stop loss below 31.01 zone
technical points
key point 31.66 - entry point 31.19 - elliott 30.75 - closing 30.75 - closing 31.41 - projection 31.84 - trend line 30.93
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Reload midday Silver 2/8/2013
Silver price is still stable now below 50 SMA and remains stuck in the middle between the axial level,s 30.70 and 31.80 and that,s what keeps our neutral position exists to this day
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||||||||Silver continues to be under strong selling pressure, after yesterday's fall drew a pair of new resistance level of 31.50 (two attempts to overcome this level resulted in a false breakdown) price tends to fall because I think the market has a tendency to strengthen the dollar, and to think the Bears will be at least 31.00 figure.||||||||||
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in the m30 chart we can see that it is moving in the range of support and resistance. the support is 31.20 and the resistance is 31.50 we can look in the trade in the direction of break out with the stop loss of support/resistance. the major chance this will try to break resistance at 31.50
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Silver is in bullish trend currently it is rangebound at 31.40 to 31.50 but ite target is 32.00 .
buy this on every dip takeprofit at 31.90.
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silver analysis for 02.08.2013 by using : pivot indicator.
r3: 32.46
r2: 32.19
r1: 31.83
pivot : 31.56
s1: 31.20
s2: 30.93
s3: 30.57
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in the h1 time frame the pair is over bought and it will also try to move down. but if the price is break the resistance at 31.90 then we can long this pair with the target 32.06 but the major we can see down movement we can make our entry if the price close the below 31.60 and can hold our short position to support level at 31.36
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7th Feb - Trade plan
Buy Gold - 1673 , TP - 1685
Buy Silver - 31.70, TP - 32.20
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The forecast for Wednesday at Silver based on technical analysis. Silver still be below the trend line resistance and strength to leap above are not observed. The forecast for today expect continuation of price movement in a narrow sideways range, followed by the reduction of silver to the level of 31.50.
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Spoiler:
On the hourly chart, price is above the 12 EMA (red) and 72 EMA (blue) indicates the trend is still up
50 RSI line cross above the 50 area, indicates the trend is still up
Recommendation: BUY
Take profitt: 32.56
Stop Loss :31.35
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