November 24, 2022
  • November 24, 2022

Silver Price Technical Forecast: Silver Jumps 13%

By on August 1, 2022 0

Silver Technical Price Prediction: XAG/USD Weekly Trading Levels

  • silver price Updated Technical Trading Levels – Weekly Chart
  • XAG/USD bounce off downtrend support approaching initial downtrend resistance
  • Weekly support 18.28/69 (critical), 16.66, 15.47/59 – resistance 20.86-21.13, 22.71, 23.28 (key)

Silver course jumped over 9.4% in the past week as XAG/USD bounced off confluent support in the downtrend. The focus is on this recovery, with the rally now approaching initial trend resistance heading into the August open. Is this just a bear market rally or is there a bigger turn in the works? It’s the updated targets and invalidation levels that count on the XAG/USD weekly technical price chart. Review my latest Weekly strategy webinarfor a detailed analysis of this money technique setup and more.

Silver Price Chart – XAG/USD Weekly

Chart prepared by Michel Boutrostechnical strategist; Money on Tradingview

Remarks: Last month Silver Weekly Technical Forecast we noted that XAG/USD was, “testing an area of ​​pivotal support and leaves the immediate short bias vulnerable above 18.28. Price spent three weeks testing this confluence of support at the 25% parallel (blue) before rebounding strongly last week with silver now up 13% from the lows. The first major downtrend resistance test is now in sight.

The rally is now probing the lows from May to 20.46 with weekly key rresistance eyed the 50% retracement of the 2020 rally / 2016 high at 20.86-21.13– a break / weekly close above this threshold would be needed to suggest that a larger low was recorded last month / a larger recovery is underway towards 22.71. Key Support remains stable at 18.28/68– a region defined by the 100% extension of 2021 low, 2017 swing high and 61.8% Fibonacci retracement of the 2021 rally. A break/weekly close below this threshold would be technically damaging and could fuel another accelerated decline towards the close of the February 2020 week high at 16.66 and the lower parallels near 15.47/59.

At the end of the line : Silver has bounced off the downtrend confluence support, with the advance now closing in on the downtrend’s initial resistance. From a trading perspective, we are on the lookout for a possible price reaction/inflection on the stretch towards 21.13-21.13 at the beginning of the month for the orientation IF reached. I will post and update Silver Price Outlook once we have more clarity on short-term XAG/USD technical trading levels.

For a full analysis of Michael’s trading strategy, see his Fundamentals of Technical Analysis Series on Bbuild a Jrading Sstrategy

Silver Traders Sentiment – XAG/USD Price Chart

Silver Traders Sentiment - XAG/USD Price Chart - SLVR Retail Positioning - XAGUSD Technical Forecast

  • A summary of IG Customer Sentiment shows that traders are net long in silver – the ratio is +10.75 (91.49% of traders are long) – generally bearishreading
  • Long positions are0.71% less than yesterday and 9.34% less than last week
  • Short positions are 1.04% more than yesterday and 51.16% more than last week
  • We generally take a contrarian view of crowd sentiment, and the fact that traders are net long suggests silver prices may continue to decline. Still, traders are net less long than yesterday and compared to last week. Of feeling From this perspective, recent positioning changes warn that the current silver price trend may soon reverse higher despite traders staying sharp.

Active Weekly Technical Charts

– Written by Michel BoutrosTechnical Strategist at DailyFX

Follow MIchael on Twitter @MBForex

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