Hi Traders! Silver short term forecast update and follow up is here. On September 22nd I shared this “Silver Short Term Forecast” post in my blog. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
“On the H4 chart after the strong bearish move to the downside, we had a deeper correction in the form of an ABCD pattern and then the price which is moving lower has broken below the most recent uptrend line. Also, we had a strong support zone and the price which is moving lower has broken below this strong support zone as well and is holding below it. So until the strong resistance zone shown in the screenshot below holds my short-term view remains bearish here and I expect the price to continue lower further”.
Based on the above-mentioned analysis my short-term view was bearish here and I was expecting the price to continue lower further. The price action followed my analysis, the facts were supporting the bearish view here in the form of uptrend line breakout followed by the breakout of the support zone. Also, the price was holding below the strong resistance zone and there were no contradictory signs. The price then moved lower further exactly as I expected it to and delivered a fantastic move to the downside.
Note: You can find my current view on Silver in this technical analysis post “Silver Forecast”
As traders we always have two choices, the first one is to fall in love with our analysis and try to convince the market and expect the price to move in the direction as per our wish. The second one is to follow the facts that the market provides us and make the right actions according to that. As you know the first option won’t help us and as you can see in the example above what happened when we followed the facts that the market hinted us and took the right action according to that.
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Happy Trading!
Yordan Kuzmanov
Chief Trader at the Traders Academy Club
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