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by Seth Parker on November 14th, 2018

Silver Analysis – Much worse than Gold

Last instrument in the technical part will be the Silver, which was previously analysed here on the 1st of November. Back in that day, we were obviously bearish cause that what the main trend was but in the same time, we saw a chance for a bullish correction:

“Current scenario says that we should test the orange area as a closest resistance and after this we should continue the decline. Chances for that are quite high especially with a strong USD. „

silver chart

In general, the analysis was spot on. We saw an upswing first and then the price dropped, great. The thing is that the initial upswing was a little bit bigger than expected. Instead of stopping on the orange area, Silver went as high as to the upper line of the triangle. That was it though – the last test of the resistance with the definite rejection as an outcome. On the 9th of November, Silver managed to break the lower line of the triangle (red) and than the horizontal support on the 14.25 USD/oz (green). That allowed the price to set the new long-term lows. Silver is in a much worse situation than Gold. Here, the direction is already set. Gold is till fighting on the last support – lower line of the flag.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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