Silver has been traded higher and higher whereby the bulls overpower the bears as the daily time frame above has shown to us.
My technical analysis is based on the usage of trend line, horizontal line, and fibs, and the most importantly is the candlestick itself. Therefore, I said in my previous article that my system is the most simple system of all you might have found in your trading life.
Based on the daily time frame as per my screen-shot, the price of silver has been dominated by the buying action. The demand for silver has been higher and higher so that the price should have been pushed up to reach the red resistance level as you can see on the chart.
It is predicted that as the price reaches the resistance line, it will bounce off and do some consolidation and correction in a sideways movement, and after that new bull will overtake the bear again. If the price is successful to break above 16.00, there is high possibility that the silver will be traded around 17.00 at 261.8 percent of Fibs.
My technical analysis is based on the usage of trend line, horizontal line, and fibs, and the most importantly is the candlestick itself. Therefore, I said in my previous article that my system is the most simple system of all you might have found in your trading life.
Based on the daily time frame as per my screen-shot, the price of silver has been dominated by the buying action. The demand for silver has been higher and higher so that the price should have been pushed up to reach the red resistance level as you can see on the chart.
It is predicted that as the price reaches the resistance line, it will bounce off and do some consolidation and correction in a sideways movement, and after that new bull will overtake the bear again. If the price is successful to break above 16.00, there is high possibility that the silver will be traded around 17.00 at 261.8 percent of Fibs.
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