Hello Friends,
I hope you had a lovely weekend. Let’s get started this week with a useful daily insight. This week can turn out to be very important in terms of fundamentals as we have FOMC minutes and Jackson Hole Symposium lined up. Fed chairman will speak on monetary policy in this event, and market would be keeping a close eye on this particular event.
I have mentioned about a potential sell opportunity for Silver in my Weekly forecast video. There is a major down trend line noted on Daily chart as plotted in the chart shown below. We also have 20 candle ride on the 4H chart for SILVER. Daily RSI is also heading extreme at around 80 adding to our bearish view.
There are two ways to trade SILVER right now. First, enter a short trade at around 23.40 or at the market price. Secondly, wait for push up to a higher level around 23.60/80 and then enter a short trade. RSI and strong divergence on the 4H chart suggest that a top in this particular range is near, and we should be prepared for another wave down.
Initial target would be around 22.10. Secondary and final target is shown in the chart below. Make sure you move the stop to BE once trade goes into profit and let it run. Stop would be a 4H close above the trend line.
We do not have any major or market moving event slated for today. So, I expect the market to remain calm with mostly range trading. However, we do have RBA Monetary Policy Meeting Minutes and New Zealand’s Inflation Expectations later in Asian session, which can be a critical event for both AUDUSD and NZDUSD.
This analysis is taken from today’s Daily Market Forecast, which also includes trade opportunities on: EURGBP, EURAUD, GBPJPY, NZDUSD, AUDCAD and AUDNZD.
Get it HERE: Vladimir’s Markets Forecast
I wish everyone a Green week. Happy trading!
