Silver (XAG/USD) Short Setup

As we are now halfway through the week, I hope and trust it has been a great one this far. Silver ( XAG/USD ) Provides us again with a potential short swing setup to take advantage of, Price has hit a strong resistance level at 20.500 which was an untested resistance level, Price has taken a while to pull back and retest the level, But now that it’s been hit we can see price now starting to reject this level. I would like to wait for one more minor barrier to be taken out before I participate in this trade.

Price has created a minor resistance level at 20.250 which could turn to support once price hits this level, I would like to see price firstly break back below and retest. My target sits at around 18.200 which remains in the frame of the current structure. On the flip side, Price could reject the near-term support at 20.250 and continue to move bullish. If that happens I will leave the trade to be, We could find a buy setup later on in the week if the short does not play out.

Let the trade come to you.

Renaldo Philander

Prediction Analysis Overview Table

Analysis Overview Information	Prediction Analysis information
On what market is this position based (Forex, Stocks, Crypto, Indices, or Commodities)?	Commodities
What is the trading position identifier (Name and/or Symbol)?	XAG/USD
Is this a Short or Long Position?	Short
Would this be considered a Short Term, Medium Term, or Long Term trade?	Medium Term
As a Short, Medium, or Long Term trade, which best describes the position (Scalping, Day Trading, Swing Trading, or Position Trading)?	Swing Trading
What Time Frame chart is the position based on (1-Minute, 5-Minute, 15-Minute, 30-Minute, 1-Hour, 4-Hour, Daily, or Weekly chart)?	4-hour
Depending on the asset, how much do you expect it to move in price or percentage?	From Entry to Target – 10.0%
What ratio of risk to reward is this trade/position? Choose your appropriate target(s)	More than 5 to 1 Target 2 N/A Target 3 N/A
What were the technical analysis tools used? Tick the appropriate boxes;	☐ Chart Patterns ☐ Indicators ☒ Price Action ☒ Support & Resistance ☐ Trendlines
From the technical analysis tools and indicators provided, tick the appropriate boxes for the tools and indicators used to analyze the position;	☐ Ascending Triangle, ☐ Bollinger Bands, ☐ Candlesticks, ☐ Channel, ☐ Cup & Handle, ☐ Descending Triangle, ☐ Double Bottom, ☐ Double Top, ☐ EMA, ☐ Fibonacci Retracement, ☐ Flag, ☐ Head & Shoulders, ☐ MA, ☐ MACD, ☐ Order Blocks, ☐ Pennant, ☐ Rounding Top Or Bottom, ☐ RSI, ☐ Symmetrical Triangle, ☐ Volume, ☐ Wedge