Jump to content

Silver Price Technical Forecast: Seven-Week Plunge Hits Major Support


MongiIG

Recommended Posts

Silver Price Technical Forecast: Seven-Week Plunge Hits Major Support

Jul 12, 2022 | DailyFX
Michael Boutros, Strategist

SILVER TECHNICAL PRICE FORECAST: XAG/USD WEEKLY TRADE LEVELS

  • Silver price updated technical trade levels - Weekly Chart
  • XAG/USD attempting to mark seventh weekly sell-off into critical support zone
  • Weekly support 18.28/69 (critical), 16.66, 15.47/59 – resistance 20.86-21.13. 23.28 (key)

SILVER PRICE CHART - XAG/USD WEEKLY

Silver Price Chart - XAG/USD Weekly - SI Trade Outlook - Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; Silver on Tradingview

Notes: Silver is testing a key technical support zone this week at 18.28/69- a region defined by the 100% extension of the 2021 decline, the 2017 swing high and the 61.8% Fibonacci retracement of the 2021 rally. The sell-off is attempting to mark the seventh consecutive weekly decline – a feat not achieved since August of 2018. That instance was a ten-week sell-off which eventually saw another 5.7% decline before registering a multi-year low. Although the broader outlook remains weighted to the downside, we’re on the lookout for possible price inflection into this critical support confluence this week.

A break lower from here would threaten another accelerated decline towards the February 2020 high-week close at 16.66 backed by the objective 2019 yearly open / 78.6% retracement at 15.47/59- both levels of interest for possible downside exhaustion IF reached. Initial resistance is eyed back at 20.86-21.13 with a breach / weekly close above the 52-week moving average / yearly open at 23.22/28 needed to invalidate the yearly downtrend.

Bottom line: Silver is now testing a pivotal support zone and leaves the immediate short-bias vulnerable while above 18.28. From a trading standpoint, a good zone to reduce short-exposure / lower protective stops – rallies should be capped by the objective monthly open at 20.28 IF price is indeed heading lower on this stretch. I’ll publish and updated Silver Price Outlook once we get further clarity on the short-term XAG/USD technical trade levels.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Dopamine emerges as a beacon of innovation in the world of cryptocurrency management, offering a non-custodial, secure, and anonymous mobile app wallet. With over two million downloads and a robust user base, Dopamine is reshaping the landscape of decentralized finance (DeFi) on both Android and iOS platforms. Let's delve into the features and functionalities that make Dopamine a must-have tool for navigating the cryptocurrency market. Key Features: 1. Comprehensive Portfolio Tracking: Dopamine's native token, $DOPE, empowers users to monitor their favorite projects from a vast collection of over 10,000 coins, ensuring informed decision-making in the dynamic crypto market. 2. Enhanced Security Measures: With built-in Anti-Money Laundering services, Dopamine enables users to safeguard their assets by identifying potential fraud and assessing risk scores associated with their wallets. 3. Real-Time Market Insights: Stay ahead of the curve with Dopamine's ability to track market trends and identify coins making significant moves, ensuring users remain informed and proactive in their investment strategies. 4. Cross-Chain NFT Transactions: Seamlessly send and receive NFTs across various blockchains, including Ethereum, BSC, Fusion, and more, providing users with unparalleled flexibility and interoperability. 5. Efficient Information Management: Dopamine simplifies data management by allowing users to save essential information and access it instantly, streamlining their crypto journey with convenience and ease. 6. Convenient Fiat On-Ramp: Facilitating seamless transactions, Dopamine enables users to buy crypto directly from their credit or debit card within the app, eliminating the need for multiple platforms and intermediaries. 7. DeFi Gaming Integration: Dive into the exciting world of decentralized finance gaming with Dopamine, offering users access to a diverse range of DeFi games directly from the app, adding a touch of entertainment to their crypto experience. With its innovative features, commitment to user empowerment and upcoming listing on Bitget exchange, Dopamine stands as a revolutionary platform that caters to the diverse needs of cryptocurrency enthusiasts. As the cryptocurrency market continues to evolve, It remains at the forefront, providing users with a secure, versatile, and intuitive solution for managing their digital assets and exploring new horizons in decentralized finance.
    • Name of stock: Adventus Mining Name of Stock Exchange: TSX Leverage or Share dealing: Share dealing Ticker: ADZN Country of stock: Canada
×
×
  • Create New...
us