The last commodity that I share analysis with goes to Silver.

I have made a very terrible call last week!

https://www.finlogix.com/analysis/20240227/silver-intraday-analysis-and-trading-plan-for-february-27-2024

With Gold has broken the 2100 level so Silver broke 23 too! I admit a very bad call on this one.

Markets are still awaiting for the 9 US major economic data out this week that will give high impact on the US Dollar against Silver.

Re-assessing Silver’s high timeframe candles:

Yearly Candle: Last check is a Small Red Spinning Top now a Dragonfly Doji

Monthly Candle: Previous close is a Small Red Spinning Top current is developing a Green Body

Weekly Candle: Previous close is a Green Long Lower Shadow current is developing a Green Body

Daily Candle: Previous close is a Current is developing a Green Upper Shadow

There’s a complete change in trend direction! All the high timeframe candles have confirmed bullishness for the Silver specially the yearly mutated to a Dragonfly Doji.

Good flooring on the 21.90 levels back-tested thrice. Silver has also scored 2 Daily FVGs that may continue moving up.

After the confirmations above, this time I’m going to long XAGUSD with the following entries:

Silver is still facing the 24 area as resistance press time. Just to be a safe buyer, will buy the pullbacks within intraday candle body.

This trade plan will be a swing strategy with wider take profit and stop loss based on daily swing high on December 2023 and swing low on January 2024. Also having even risk:reward ratio.

Silver Intraday Analysis and Trading Plan For March 5, 2024

Mar 05 2024

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