Categories: Technical Analysis

Potential down move for SILVER (taken from today’s Daily Forecast)

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!

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.

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