Above is the daily chart of Silver (XAG). After crazy plunges, it seems like it would be going to gain a bit.
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Showing posts with label Silver. Show all posts
Showing posts with label Silver. Show all posts
Tuesday, May 22, 2012
Silver's bottomed? (2012-05-22 Silver analysis)
Above is the daily chart of Silver (XAG). After crazy plunges, it seems like it would be going to gain a bit.
Wednesday, February 22, 2012
Strong Silver (2012-02-22 Silver analysis)
Above is the daily chart of silver (XAG). It seems like it is undergoing a pretty strong bullish trend. 34.2 which is 38.2% projection level is quite likely to break and the next resistant levels are 35.4 and 36.5.
Friday, December 2, 2011
Commodity (2011-12-02 Silver analysis)
HSI well reached 19,000 as mentioned on Monday, though such movement was kind of unpredictable. Will further update how the index would go next week on Monday.
Today let's take a look at Silver (XAG=).
From the daily chart, the price has reach the red downwards trending line. This might tell us that the price is going to plunge further, especially after it has crossed lower the previous green upwards trending channel.
50% retracement appears to be a strong support, so the price might consolidate one to two days there. If it keeps on dropping, then previous low at around 26 will be its ultimate support.
For the upside, if it successfully breaks the red uptrend line, its previous peak at around 35.6 will be strong resistant.
So keep an eye on these levels.
Today let's take a look at Silver (XAG=).
From the daily chart, the price has reach the red downwards trending line. This might tell us that the price is going to plunge further, especially after it has crossed lower the previous green upwards trending channel.
50% retracement appears to be a strong support, so the price might consolidate one to two days there. If it keeps on dropping, then previous low at around 26 will be its ultimate support.
For the upside, if it successfully breaks the red uptrend line, its previous peak at around 35.6 will be strong resistant.
So keep an eye on these levels.
Thursday, November 10, 2011
Similar pattern formed (2011-11-10 XAG analysis)
Above is the daily chart of Silver (XAG). Just having reached the resistant level given by both the 50-day Simple Moving Average and 50% retracement level, the price drops a bit and is at around 34 now.
Obviously, an almost-the-same pattern as that in previous upward-trending channel is formed. Does it signal another plunge coming?
If so, 30 will be the first great support.
If not, 35 remains a strong resistance. 39 will be ultimate resistant given by the medium-term down-trend line.
Personally, I believe downward movement is more likely.
Tuesday, June 21, 2011
Gold and Silver (2011-06-21 XAU, XAG analysis)
The index opened high but closed low yesterday, it did break the support in weekly chart (yet to be confirmed).
Let's look at the commodities today.
Daily chart of Gold (XAU):
The gold price has been on a upward trend along the green line for some time, and obviously 50-day Simple Moving Average was helping to support the price as well.
The short term down-trend line in red, starting from the high in April 2011, acts as a resistant to the gold price, stopping it from moving any further.
Currently, gold price is testing the red resistant again. Breaking out would mean going even above the previous high in April 1576.
MACD and its EMA are touching each other, having the possibility of bullish cross. But it depends on further movement of Gold.
On other hand, support is at around 1527 (the green line). These are the levels to be aware of.
Daily chart of Silver (XAG):
Chart of silver looks more lousy. Same as gold, there is a long-term up-trend line (in green) which has been supporting Silver for more than a year.
After the big slump in April 2011, it looks like a flag shape has developed (red and green lines). This isn't a good sign as this signals continuation of bearish trend.
Resistance level is at around 36.2 and 35 is the next support. If it breaks down, I would expect the price reaching 30. If it breaks out, it could be back to 40 and consolidate.
Let's look at the commodities today.
Daily chart of Gold (XAU):
The gold price has been on a upward trend along the green line for some time, and obviously 50-day Simple Moving Average was helping to support the price as well.
The short term down-trend line in red, starting from the high in April 2011, acts as a resistant to the gold price, stopping it from moving any further.
Currently, gold price is testing the red resistant again. Breaking out would mean going even above the previous high in April 1576.
MACD and its EMA are touching each other, having the possibility of bullish cross. But it depends on further movement of Gold.
On other hand, support is at around 1527 (the green line). These are the levels to be aware of.
Daily chart of Silver (XAG):
Chart of silver looks more lousy. Same as gold, there is a long-term up-trend line (in green) which has been supporting Silver for more than a year.
After the big slump in April 2011, it looks like a flag shape has developed (red and green lines). This isn't a good sign as this signals continuation of bearish trend.
Resistance level is at around 36.2 and 35 is the next support. If it breaks down, I would expect the price reaching 30. If it breaks out, it could be back to 40 and consolidate.
Sunday, May 22, 2011
Bearish Flag Continuation (2011-05-22 XAG, SLV analysis)
I received an e-mail asking my opinion on Silver and iShares Silver trust SLV. First thanks very much for your e-mail. I love to share ideas with others which we can learn from each other and so if you have any comments/feedback/questions, please e-mail me so we can further discuss. :)
Back to Silver and SLV. Actually SLV is the ETF for Silver, so the two charts look more-or-less the same.
Daily chart of SLV:
Daily chart of XAG:
The long red line is the medium-term up-trend line, which obviously has little meaning now after the severe huge slump of Silver price in late April.
After the breakdown, it seems like the price is fluctuating a lot. However, by carefully analyzing, I discovered a pattern there.
We can see that when the price boosted, it usually stopped at almost the same level (around $36 for XAG and $34.6 for SLV). While for the downside, the low was rising, forming an upward sloping support there.
Also, the volume was dropping. This is more obvious in XAG chart. All the criteria for a bearish flag continuation pattern are met.
Therefore, I would expect a further drop in Silver price (of course SLV would follow). When the breakdown confirms, it will be a good time to SHORT Silver.
Back to Silver and SLV. Actually SLV is the ETF for Silver, so the two charts look more-or-less the same.
Daily chart of SLV:
Daily chart of XAG:
The long red line is the medium-term up-trend line, which obviously has little meaning now after the severe huge slump of Silver price in late April.
After the breakdown, it seems like the price is fluctuating a lot. However, by carefully analyzing, I discovered a pattern there.
We can see that when the price boosted, it usually stopped at almost the same level (around $36 for XAG and $34.6 for SLV). While for the downside, the low was rising, forming an upward sloping support there.
Also, the volume was dropping. This is more obvious in XAG chart. All the criteria for a bearish flag continuation pattern are met.
Therefore, I would expect a further drop in Silver price (of course SLV would follow). When the breakdown confirms, it will be a good time to SHORT Silver.
Friday, May 6, 2011
Where is the ground? (2011-05-06 Gold and Silver analysis)
Hang Seng Index wasn't moving a lot yesterday. Would it be able to recover its position above the up-trend line on weekly chart?
After speculators like Soros started to sell Gold and Silver, both of these items slumped these few days. Gold dropped from 1576 back to around 1500, while Silver plunged to as low as 38. We might wonder: where is the ground? Let's take a look.
Daily chart of Gold (XAU):
There were four consecutive big black candles, following the record high at 1576. The green line is a medium-term uptrend line, which can provide support to Gold.
Furthermore, I have drawn a fibonacci retracement using the low and high in 2011. The price of gold just broke 23.6% level, and was heading down to the next level.
Though 1,500 could possibly be a strong psychological support, we couldn't find technical support there.
Instead, the green uptrend line should be a strong one to stop the price from further falling below 1470. Indeed, the level of around 1470 is also 38.2% fibs level. We can expect strong buying-force here.
Daily chart of Silver (XAG):
The chart of Silver looks simpler. I have identified three possible uptrend lines, shown in red, green and purple.
Silver price broke the red short-term uptrend line two days ago, and was supported by the green line.
Level of 38 appeared to be quite a strong one; but in fact, the trend line is not as valid as the others as we can see there wasn't much resistance/support in Jan-Feb 2011. I doubt the strength of this line.
Purple one would probably be the bottom line. This should be an extremely strong one which provides support at around 33.
Tuesday, March 1, 2011
Commodities Analysis (2011-03-01 Gold, Silver, Platinum analysis)
Yesterday Hang Seng Index rose 1.42% to 23338. It almost reaches the resistant level.
Without much about stock market, today I made analysis on commodities markets.
Gold:
Gold keeps on surging these days. It finally reaches the level that it has been struggling to break through for a few times.
The difference is, gold price is having a strong upwards trend (short-term) this time. This trend might provide enough power for it to break this hard-to-break level.
Bad things are MACD is at high level, and volume shrinks, showing that investors are not much optimistic on gold price.
If it breaks the 1430 level, we could expect it to rise up to at least1500. If not, support will be at around 1380.
Silver:
Silver is different from gold, it has achieved one-year high few days ago and we could expect it to surge even higher.
I have identified two different trend-lines, indicated in purple and red. They are both pretty strong ones. Now they are getting closer to each other, we could expect big movements of silver price.
Breakdown of the two lines would lead the price to 31; and it could probably go up to 40-45 if brekaout confirms.
Platinum:
Platinum isn't as good as gold and silver. Recently, it dropped below the short-term upwards channel.
Luckily, the longer term up-trend line successfully performs its duty to support the price at around 1770.
We could see that the last candle had a long up shadow, showing that investors are more on bearish side. I could hardly see it keeping on boosting.
Without much about stock market, today I made analysis on commodities markets.
Gold:
Gold keeps on surging these days. It finally reaches the level that it has been struggling to break through for a few times.
The difference is, gold price is having a strong upwards trend (short-term) this time. This trend might provide enough power for it to break this hard-to-break level.
Bad things are MACD is at high level, and volume shrinks, showing that investors are not much optimistic on gold price.
If it breaks the 1430 level, we could expect it to rise up to at least1500. If not, support will be at around 1380.
Silver:
Silver is different from gold, it has achieved one-year high few days ago and we could expect it to surge even higher.
I have identified two different trend-lines, indicated in purple and red. They are both pretty strong ones. Now they are getting closer to each other, we could expect big movements of silver price.
Breakdown of the two lines would lead the price to 31; and it could probably go up to 40-45 if brekaout confirms.
Platinum:
Platinum isn't as good as gold and silver. Recently, it dropped below the short-term upwards channel.
Luckily, the longer term up-trend line successfully performs its duty to support the price at around 1770.
We could see that the last candle had a long up shadow, showing that investors are more on bearish side. I could hardly see it keeping on boosting.
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