Hi Traders. To have a better clarity on this market breakdown, feel free to go back to the previous analysis on Silver. On Friday, i talked about potential selling opportunity on Silver around 22.50, which worked out well.
Today, as price is again approaching 22.50 resistance zone, rather than taking action, we'll be observing how price responds to the 22.50 zone.
1. Once price finds more strength breaking above 22.50, it's the primary sign of bullish sentiment, complete the descending channel (continuation pattern) on the weekly chart
2. If price still reject 22.50 structure, then we're possibly looking at another downwards push to the previous low
3. Do not forget the possibility of market going into a choppy condition too.
If you enjoy the content, make sure you follow my profile and give me a thumbs up for daily fx forecast & educational content.
Take care and trade safe.
All the content I've posted are for educational purposes, please perform your own research and only take it as a reference.
Today, as price is again approaching 22.50 resistance zone, rather than taking action, we'll be observing how price responds to the 22.50 zone.
1. Once price finds more strength breaking above 22.50, it's the primary sign of bullish sentiment, complete the descending channel (continuation pattern) on the weekly chart
2. If price still reject 22.50 structure, then we're possibly looking at another downwards push to the previous low
3. Do not forget the possibility of market going into a choppy condition too.
If you enjoy the content, make sure you follow my profile and give me a thumbs up for daily fx forecast & educational content.
Take care and trade safe.
All the content I've posted are for educational purposes, please perform your own research and only take it as a reference.
