Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

Silver  XAGUSD

1. 1. Silver tested good support at 4835/4810.
2. 2. Longs needed stops below 4750 & we made a low for the day at 4749.
3. 3. We hit the 1st targets 4910 for a very decent 80-90 tick profit & reversed from 4930.
4. 4. I think we are consolidating sideways before another move lower.
5. 5. First resistance at 4900/4920 could mark a high for the day but shorts need stops above 4945.
6. 6. Strong resistance at 4990/5020 is likely to hold if we do break higher & shorts need stops above 5045.
7. 7. On a break below 4740, my next target is 4650.
8. 8. At this stage it will be getting too risky to be short. Silver bulls will be looking for bargains.
9. 9. Trend line support at 4640/4620 could see a low for the correction & therefore could be an excellent longer term buying opportunity.
10. 10. Longs need stops below 4590.

11. Just be aware that a break below 4590 can target an excellent buying opportunity at 4460/4440 & longs need stops below 4395.

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Daily Technical Analysis is provided by Jason Sen of Day Trade Ideas, who has been day trading since the late 1980’s. Jason has been a contributor of Traders Summit since the beginning. He primarily focuses on providing technical analysis of the financial markets, including stock chart patterns, Forex and Metals setups, and other useful technical analysis.

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20251023