Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.

Fibonacci Study
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance

Multiple Time-frame Analysis

Previous: Forex Notes (2/23)

Silver (XAG/USD)
Silver

- Silver continues to consolidate after touching 34.30.
- Price action is about to complete a flag pattern. The RSI did crack 60, but did not sustain, so the bearish momentum still exists in the short-term.
- A swing projection targets 31.85, slightly below the 61.8% retracement level, which would be at 32.00, 31.95 area. Looking at the left side of the chart, you can see this is also an area  of consolidation, so support can be expected.
- The 4H chart shows the strong bearish candles that suggest this consolidation/correction is not over. A break below 32.40 suggests this decline to just below 32.00, but it can extend lower to 31.22 area. This is a 61.8%, and 38.2% fibonacci retracement cluster, so if 31.85 does not hold, 31.22 should.
- A short-term bearish scenario is shelved until a break below 29.45. If this happens, the 26.55 level is in sight. Any longer-term bearish scenarios are put out of consideration at the moment.
- The more probable scenario is a bullish resumption towards 36.00. A break above 34.40 would confirm this intention by the market.

Silver

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