FX.co ★ zunaira7518 | XAG/USD, SILVER

Silver forecast On four hour time frame

4H shows the big picture. Silver dropped from 78.00 to 73.00 on the 28th, wicked at the green support 72.96-72.90, and bounced hard. Since then every rally dies at the red resistance line 75.99. Price is now at 75.35, sitting on the blue 20 MA at 75.07. Bollinger Bands are squeezed tight after the volatility spike classic setup for expansion. Close above 75.99 on 4H run to 77.24 and 78.00. Lose 75.07 and we’re back to test 73.00. H-1 chart

1H confirms the chop. Price ran up to 75.95, got rejected, dropped to 71.94, bounced, and now can’t break the blue 20 MA at 75.53. That 75.53 was support before the crash, now it’s resistance. Silver is at 75.41, just below it. Upper BB on 1H is 75.94 same as 4H resistance. Lower BB is 75.11 short-term support. Bulls need 1H close above 75.53 to flip bias bullish. Can’t do it and we retest 75.11, then 73.00. 15 minute time chart

Zoom into 15m and it’s just a box. Silver is trading at 75.42, right above green support at 75.36-75.37. Blue 20 MA is riding price at 75.42. Red resistance is stacked at 75.86-76.54. That 75.86 level has capped price multiple times since the 29th. Lower BB is at 75.36, upper BB at 75.86. Price is literally mid-BB. The wick down to 74.70 today shows buyers defend 75.36 hard, but wicks above 75.86 show sellers defending that level just as hard. Trading plan Don’t market buy 75.42 in the middle of the range. Bearish Short rejection at 75.86 on 15m, or 75.53 on 1H, stop 76.00, target 75.36 and 75.07. If 75.07 breaks on 4H close, add shorts for 73.00 and 72.90. Bullish Only buy 15m close above 75.86 that holds, then 1H close above 75.53. Retest = long to 75.99 and 76.54, stop under 75.36. 4H close above 75.99 confirms run to 78.00. Key point Support 75.36 15m, 75.07 4H/1H, 73.00 big support, 72.90 wick low Resistance 75.53 1H 20 MA, 75.86 15m, 75.99 4H, then 76.54 and 77.24