Vladimir Ribakov analyzes silver with bearish momentum expected to continue. He identifies a rising support line likely to be retested and uses Fibonacci levels to pinpoint key zones. Multiple technical signals across hourly and daily charts suggest a retracement to resistance before further decline.
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Hello traders, how are you? Vladimir here from Home Trader Club and welcome to the daily forex analysis and trading opportunity. In today's video, the silver. So silver is under a very heavy bearish momentum and so far it seems it maintains it. However, here are 2 key things to pay attention to and why on the short term we might see an attempt from buyers to reject it before a final leg very likely taking place and push it lower. So here we go. So on the longer run, I do anticipate the silver to push all the way lower. We have some very strong rising supportive line within this up channel, and very likely it will be retested. Okay, if we plot Fibonacci on these levels, the 100 would be around this zone. So technically speaking, there is a very high probability that this current ongoing momentum will find some comfort zone here, will create some retraces and pullbacks, and then push down again to reach the desired levels. And on the short term, this zone is where I would expect to see some potential pullbacks. Here is why. If we take a look on the break of the Bollinger Bands right here at this very moment, what we will see here is that the Bollinger Band duplicated level, the second duplication level, is here slightly below the 161.8. The daily levels offers also a balance zone, a volume area. And take a look what happens with the RSI on the 4-hour chart. We are approaching The area of an oversold conditions. So with the four-hour chart making the Bollinger Band duplication daily, suggesting the volume and four-hour chart Fibonacci wave expanding towards the 161.8, this becomes as a potential zone of a stop and a short reversal conditions to happen. Pretty much like it started to happen here. As you can see, the last time we were in this. Oversold condition, the market starts to slow down before eventually making these retraces. However, in this space, in this place, it might be even more significant as the 1-hour chart also, besides the 4-hour duplication, the 1-hour chart has for us a Bollinger Band, right, as you can see here, with only little pullbacks towards the middle Uh, Bollinger Band. Usually when that happens and the ride continues on the lower band, the divergence starts to develop. We have one low, second low, third to be created here. And assuming, of course, it is created— because we can't guess how the market would be— but assuming we do have 3 lows on the chart and 3 higher lows on the MACD moving averages, This creates a very strong short-term pressure and attempt for a retrace. The first zone for the retrace would be very likely back to this balance area and the previously broken support that now becomes a resistance. You can see here a lot of fights between the buyers and the sellers, and the next potential zone on the pullback would be to the next level. Okay, that's exactly what I'll be looking at in the short term— retrace towards one of these levels. Before further continuation down, as explained on the four-hour chart before. So that's pretty much it for this video. I hope you find value in this one. As always, if you do, please hit the like button. Feel free to share it with anyone in your community. It's open for the community. I wish you wonderful trading, and if you are new to this channel, welcome to our community. I invite you to join us in our. Trading club, the Home Trader Club, where you will get your access to our full trading courses, real-time trading opportunities, real-time education, and so much more. Join us with the link below this video in the description. Best to you and yours. I'll see you soon with more. Have a nice day.
