FX.co ★ zunaira7518 | XAG/USD, SILVER

Silver prices forecast Four hour time frame

On 4 hour chart silver went up to 78.20 and hit a wall at 76.92 red zone. That 76.92 to 76.85 area rejected price hard. After that sellers took control and price dropped all the way down.Right now price 73.05 is just above green support 72.67 to 72.50. That green line at 72.67 saved price before when price dropped fast and bounced from 72.50. Buyers showed up there with big wicks. Today price is testing it again.Blue 20 moving average on H4 is at 74.67. Price 73.05 is below it. When price is below 20 moving average on H4, medium term trend stays bearish. Bollinger Bands are squeezed tight and price is sitting on lower band near 72.67. This means market is waiting. Big move comes after breakout.If buyers hold 72.67 and push price above 74.67 on H4 close, next stop is 76.92 red zone. If sellers break 72.50 on H4 close, then price falls to 71.00 and 70.00. H-1

switch to 1 hour chart and story is same. Silver spiked to 78.20, got rejected at 76.92 red line, then dropped step by step. Blue 20 moving average on H1 is at 73.60. Price 73.16 is below it.Green support on H1 is 72.67. Price wicked down to this line and bounced up. That wick is important. It shows buyers are defending 72.67. But price cannot close above 73.60 moving average yet. Every time price tries, sellers push it back down. So on H1 we have support at 72.67 and resistance at 73.60. Price is stuck between them. This is called chop zone. Until H1 gives a close below 72.67 or above 73.60, market will keep ranging. If H1 closes below 72.67 then sellers take control for drop to 71.00. If H1 closes above 73.60 after touching support, buyers get chance for 74.62 and 76.92. 15mint time chart

15m chart is even tighter. Red resistance at 74.63 on top. Red resistance in middle at 73.57 to 73.79. Price tried to break 73.57 many times but failed. Every time price hit 73.57 sellers pushed it down.Green support on 15m is 73.09. Price wicked down to 73.09 and bounced fast. Right now price 73.16 is sitting just above 73.09. Blue 20 moving average is also near 73.09. So 15m is flat.On 15m we have support at 73.09 and resistance at 73.57. Price is trapped between them. This matches H1 and H4. All three timeframes agree price is at support. If 15m closes below 73.09 then price goes to 72.50 and 72.00. If 15m closes above 73.57 after bouncing from 73.09, then price can move to 74.63. Trading plan rule is simple. Do not sell at 73.10 right at support with no confirmation. Do not buy at 73.10 in middle with resistance at 73.60 above. Middle trading kills accounts.For buying setup wait for price to come to 72.67 to 73.09 support zone and show buying pressure. If 15m makes bullish candle and then H1 closes above 73.60 moving average and H4 holds above 72.67, then buy with stop loss below 72.40. First target 73.60 on H1. Second target 74.67 on H4. If 74.67 breaks on H4 close then add more for 76.92 and 78.20.For selling setup wait for price to close below 72.67 on H4 and below 72.67 on H1 and below 73.09 on 15m. After close wait for retest of broken support as resistance. If price fails at retest then short with stop loss above 73.30. First target 71.00. Second target 70.00. If 70.00 breaks on H4 close then add more for 68.00. Key point resistance 73.57 on 15m, 73.60 on H1, 74.67 on H4, 76.92 red zone, 78.20 top. Support: 73.09 on 15m, 72.67 green line on H1 and H4, 72.50 on H4, 71.00, 70.00.