$XAG
نشر
Crypto Futrures Afridi
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صاعد#nysilverfuturesdrop3%
⚪
SILVER
: A BULL TRAP BEFORE THE BIG MOVE
Silver
made a deceptive move yesterday, although this type of price action is fairly common before a major move—which, in this case, I still expect to be to the upside.
During the morning,
silver
surged to $72.05, briefly breaking above resistance at the 200-day moving average. However, it then reversed sharply lower as Federal Reserve Chair delivered his speech at Jackson Hole.
The speech provided the excuse, but the technical structure was already calling for a correction. Had it not begun yesterday, it likely would have started next week.
The morning rally ultimately turned into a clear bull trap. After breaking out of the bull flag, the logical next step was for silver to return and retest the breakout area. That appears to be exactly what is happening now.
There may still be further downside ahead. I would not rule out another test of the $62.70 area before silver completes its pullback and resumes its uptrend.
Therefore, I do not view this decline as a failed breakout. I see it as a necessary technical correction within a broader structure that remains highly promising.
First comes the backtest. Then, if support holds, the real bullish move could begin.
$MAGMA
$BEAT
$DEXE
⚪
SILVER
: A BULL TRAP BEFORE THE BIG MOVE
Silver
made a deceptive move yesterday, although this type of price action is fairly common before a major move—which, in this case, I still expect to be to the upside.
During the morning,
silver
surged to $72.05, briefly breaking above resistance at the 200-day moving average. However, it then reversed sharply lower as Federal Reserve Chair delivered his speech at Jackson Hole.
The speech provided the excuse, but the technical structure was already calling for a correction. Had it not begun yesterday, it likely would have started next week.
The morning rally ultimately turned into a clear bull trap. After breaking out of the bull flag, the logical next step was for silver to return and retest the breakout area. That appears to be exactly what is happening now.
There may still be further downside ahead. I would not rule out another test of the $62.70 area before silver completes its pullback and resumes its uptrend.
Therefore, I do not view this decline as a failed breakout. I see it as a necessary technical correction within a broader structure that remains highly promising.
First comes the backtest. Then, if support holds, the real bullish move could begin.
$MAGMA
$BEAT
$DEXE
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