XAG/USD | Where to now, Silver?
By analyzing the 4H chart of Silver we can see that after last week's surge and drop, it opened with a Premium Gap, courtesy of US stopping attacks on Iran and President Trump announcing that the IR wants to make a deal with them, it all happened during the weekend. Currently, Silver is being traded around 57.85.
Now considering everything, Silver is mostly Neutral, since the geopolitical tensions eased a bit but on the other hand, contrary to what President Trump said, IR representatives claim that no negotiations is taking place right now! So, make the most sense out of it yourself. 😅
Thus, the valuable metal is consolidating in the same zone as last week's currently inside the 4H FVG.
Now, I suggest to wait and see which of the liquidity pools, sellside or buyside, is swept away first. Whichever is swept away first, will make it clear which way is Silver going.
Regardless, I currently expect Silver to drop to the 57.21 level first, and then if it bounces back up, I'd want to see it sweep the buyside liquidity pool above the 59.31 and then 60.09 levels respectively, and retest the FVG and the supply zone as well.
If it fails to bounce back up from the 57.21 level, then we could see it drop to below the 56.64 and then below the 56.11 levels to sweep the sellside liquidity pools there and use the Bullish OB to bounce back up.