- Silver daily chart shows previous support zone around 17.10 - 17.30 is acting as resistance.
- Weekly chart too shows 20 Week SMA acting as resistance.
- So the level for silver bulls to beat is 17.30 to extend the weekly bounce. Staying below this level may Tilt the balance in favour of Silver Bears again.
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GOLD Weekend update
- TESLA Weekend Update
- GOOGLE Weekend update
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- Silver near crucial support zone as shown in last chart. Support zone is at 16.74. Price is also trying to stay above 4 Hour cloud and 100 Period SMA for the same time frame.
- Price closing below the cloud and 16.74 may start a down swing in this time frame. On the contrary if price holds on to 100 Period SMA or the cloud base an up move is possible from here.
- ES Analysis after closing bell
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- Silver daily moving towards 100 Day SMA. Bounce can extend only if price is able to move above 100 SMA. Weakness resumes if daily falls below the trend line.
- Weekly chart shows clear down trend in place. Price resuming down trend after small bounces. For now 15 Plus levels is holding. One has to wait and see if this turns out to be a weekly reversal or bears resume the down trend by breaking below 16 again.
- GOLD Weekend update
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- Weekly chart shows the consistent breakdown of price to form new lows.
- 4 Hour chart shows the next crucial support zone.
- But month chart is showing some hope for bulls as price is nearing possible support line. Some more correction needs to happen before price test this line.
- CRUDE Oil Weekend update
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- Silver month chart shows a down swing towards the Trend line drawn from 2005 Lows. For this to happen price should break below 15 levels.
- Immediate support for Silver near 15.80 levels. More weakness only on week staying below this level.
- 4 Hour chart shows the double top the subsequent fall and the Immediate resistance at 16.16 levels. For a bounce to happen price should sustain above 16.16 levels.
- GOLD Trend update
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- Silver week has moved above weekly cloud. Price fell below the weekly cloud back in 2011. Weekly chart shows possible resistance between 18.60 - 19 level. For confirming a bottom formation in weekly chart price must sustain above this level.
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- Fibonacci levels shows price falling from 61.8% Fib level during the first retrace.
- This time price is closer to 50% Fib level. Price is also testing 50 Week Moving average. Closing above the moving average can give higher targets for Silver.
- Unable to cross 50 Week Moving average will be negative at this point of time. But in the medium term silver may see more high's towards 61.8% fib levels Before plunging again.
- Silver Hour is sustaining below 50 Hour SMA which will favor bears of silver.
- Immediate resistance level is between 33.90 - 34.00 level in hour chart.
- For bulls of silver price has to breakout above the resistance and close above 50 Hour SMA.
- MCX ALLUMINUM CHART
- Last week's rally of silver failed to close above 50 Week SMA and 50% Fib retrace levels.
- Now if hour continues to stay below 50 Hour sma we may see bears of Silver getting stronger.
- S&P 500 WEEKEND UPDATE
- Silver Resistance levels in weekly chart.
- 50 Week sma and 50 % Fib retrace levels are at the same area. So this level will be tough to break for silver bulls.
- ES NEGATIVE DIVERGENCE
- Silver is approaching its 100 period sma in four hour chart which might act as resistance.
- Four hour chart shows resistance between 32.81 - 33.52 levels.
- Bulls of silver needs to sustain above these levels to continue the up move.
- GOLD NEAR RESISTANCE LINE
- Weekly chart of silver with possible resistance levels.
- 50 Week moving average which was broken may act as resistance.
- 33.90 is an important support in weekly chart which was broken this may also act as resistance.
- So for bulls of silver has to sustain above these levels to continue this pull back.
- GOLD RESISTANCE LEVELS
- SILVER fell below 50% Fibonacci retrace level and took support above the golden ratio(61.8%)
- Now price is back to 50% Fibonacci level price should sustain above this level for the up move to continue.
- 100 Week SMA stopped today's slide.
- 32.30 will act as resistance level if the up move continues.
- GOLD RESISTANCE LEVELS
- SILVER Breaks below 50 week moving average.
- 32.30 level may act as support for sometime.
- If 32.30 goes then silver may target 50% Fibonacci retrace level for the rise from 8.44 to 49 levels.
- ES POSITIVE DIVERGENCE
- Silver has violated its trend line in daily chart.
- Price is moving down towards its 50 Week moving average.
- So First target could be around 34.50 levels approximately.
- Week closing below 50 week moving average could bring more down falls for silver.
- USO TARGET FOR THE BREAKDOWN
- Daily candles are violating 50 SMA But they are not able to close below it.
- Correction can sustain only if price makes a close below 50 SMA
CHART-II
- Price has broken the triangle pattern in four hour chart.
- If price closes the daily candle at these levels it's a close below 50 SMA which will favor bears of silver.
CHART-I
- Silver daily is testing 50 day moving average again.
- four hour chart shows price at the support line of the triangle.
- Bulls were saved many times by 50 SMA in the recent past. So if it gets tested repeatedly a breakdown may happen.
- For now price is pausing at the triangle support line. Bulls must hope for a bounce from the support line of the triangle.
- ES TRIANGLE UPDATED
- SILVER is still inside the consolidation pattern.
- But an explosive move awaits silver. Breaking below 50 DAY SMA can give good correction
- Breaking above the resistance lien can give good up move.
- ASCENDING TRIANGLE OF GOLD
- US DOLLAR BREAKOUT
- Silver four hour chart is showing a triangle pattern
- Daily chart shows price taking support at 50 day moving average.
- So price may move towards the resistance line of the triangle.
- Bigger breakdown will happen only if price break and close below 50 day SMA.
- SILVER TESTING 50 SMA
- BEARISH ENGULFING OF GOLD
