Silver Gearing Up for Next Leg Higher: Flag Target $19.70

COMEX:SI1!   Silver Futures
Been busy with life lately so my posts have been less often. Nevertheless, I do always keep an eye on the charts and when I spot something that requires a post I deliver. This morning I want to talk about the Silver . Remember when Silver outperformed Gold a few weeks ago? Well based on what I am seeing on the chart that may happen again in the coming week(s)! Let's take a look at the Silver chart.

Bull Flag

The everything rally continues on and next up in the rotation may be Silver (again). Since reaching its breakout peak on May 20th, Silver has been consolidating within on declining volume . The chart below is the 4-hour chart and it shows how price is consolidating above its 20 SMA . Check the strength of the CMF . Money is piling on into Silver .

Further illustrating the point made on the 4-hour chart is the daily chart above. Here notice how price is resting on a combination of 200 SMA and 10 EMA support. CMF also remains positive.

Above is perhaps the most exciting chart of all. If this bull flag is confirmed, the target price is approximately $19.70. Look how the flag target matches perfectly with the high Silver posted on September 4, 2019.

Silver is looking like a smart play heading toward the end of the week. Trade Silver with confidence. Bias: Bullish.


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