SILVER (XAGUSD) 04/02/2024

Purple Box: Bearish (21.6 - 22.1p/o)
Blue Box: Bullish 1.(25 - 25.6) 2.(28 - 28.7p/o)

Bullish Scenario

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Silver's a very under priced metal, I'm thinking because countries are stock piling more gold they should also be doing the same with silver...

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Prise is finding or has found support above 22p/o and so a push upwards towards 25 is highly probable...

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If we call our last push down a retrace, we hit 60-70%(discount?)

Bearish Scenario

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There is a high probability of being bullish, but the markets the market and a fall shouldn't be ruled out...

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A break below the purple box with resistance then found and a fall to 18p/o is likely... (bias change)

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We could be forming an ascending triangle... So one more rejection of 25p/o and then a full pullback climb to 28p/o or passed.

Kommentera:

#XAGUSD We either bounce off 22 as support or we fall through with the head and shoulders pattern that has been formed...

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You just cant go wrong with special metals tbh.

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Lower time frames are looking good for silver, price needs to break above 23.5 to continue the trend... A failure would mean 22.7 is broken and we look for further drops...

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Now above 22.7 and looking for a break or test of 25 for Silver...

Kommentera:

Silver is climbing to 25, lets see how it reacts!!! #XAGUSD

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On some obvious observation... precious metals be moving just like crypto at the moment and metals be looking bulling AF (store of values)...

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25p/o hit… 24.8 possible support

Kommentera:

Bulls: above 24.8 - Bears: below 24.2

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Silver is so undervalued, this may only be the start... #XAGUSD

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#XAGUSD: Pullback expected... Bulls - bounce off 25 and a break back above 28/o 🔼 Bears - Break below and resistance found below 25/o 🔽