CFDs on Silver: Fibonacci Buy & Sell Strategies

12 Des 2024

XAGUSD AlexGoldHunter Technical Analysis
Price Action and Key Levels
Current Price: $31.8800

Swing High: $32.2000

Swing Low: $31.8800

Strong High: $32.4000

Strong Low: $31.6000

p1D Low: $31.4500

Fibonacci Levels
0.786: $32.4000

0.705: $32.2000

0.618: $31.8800

0.5: $31.7600

0.382: $31.6000

Volume Profile
The volume profile indicates high trading activity around the $31.8800 level, suggesting strong interest and potential support/resistance.

RSI (Relative Strength Index)
Current RSI: 51.08 and 44.95, indicating neutral momentum.

MACD (Moving Average Convergence Divergence)
MACD Line: 0.0059

Signal Line: -0.0014

Histogram: -0.0073 (negative, indicating bearish momentum)

Buy Strategy
Confirmation 1: Look for a price bounce off the Strong Low ($31.6000) or Swing Low ($31.8800) with increased volume.

Confirmation 2: RSI should be below 30 (oversold condition) and start to rise.

Confirmation 3: MACD line should cross above the Signal line, indicating bullish momentum.

Entry Point: Enter a buy position when the price confirms a bounce off the support level with the above confirmations.

Stop Loss: Place a stop loss below the Strong Low ($31.6000).

Take Profit: Aim for a 1:3 risk-reward ratio. If the stop loss is $0.28 (difference between $31.8800 and $31.6000), the take profit should be $0.84 above the entry point, around $32.7200.

Sell Strategy
Confirmation 1: Look for a price rejection at the Strong High ($32.4000) or Swing High ($32.2000) with increased volume.

Confirmation 2: RSI should be above 70 (overbought condition) and start to decline.

Confirmation 3: MACD line should cross below the Signal line, indicating bearish momentum.

Entry Point: Enter a sell position when the price confirms a rejection at the resistance level with the above confirmations.

Stop Loss: Place a stop loss above the Strong High ($32.4000).

Take Profit: Aim for a 1:3 risk-reward ratio. If the stop loss is $0.20 (difference between $32.2000 and $32.4000), the take profit should be $0.60 below the entry point, around $31.6000.

This analysis provides a structured approach to trading based on technical indicators and support/resistance levels, aiming for a 1:3 risk-reward ratio. Let me know if you need any further assistance or have any questions!
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