You're looking at a quarterly chart representing silver's price history since 1970.
A) I'm seeing two chart patterns developing:
B) Significant break of structure:
The light blue highlights how significant $18 - $20 has been in the last decade+. This is why last quarter's breakout was huge.
- Local peak in January 2008
- Major breakout point in July 2010 before reaching new all time highs
- Key resistance for 6 years (2014 - 2020).
- Breakout in 2020.
Now here's where the 50 quarter moving average and the 21 quarter moving average are crossing:
It's also the . from the March 2020 low to the recent peak in July:
I have a long history with silver . It was my best trade in 2011, and also my first big winner along with uranium mining stocks in the same period. Winning that trade is what really got me obsessed with markets. I became attached to commodity markets because that's where I saw some success. But I stopped doing well for the next few years (2012 - 2015). Then in November 2015 I started buying Bitcoin . After BTC's big run, whatever confidence I lost in being a trader was restored.
Three things I learned:
1) Becoming attached to any single market gets you emotional and blinds you of other opportunities.
2) Know your time frame of your analysis and respect it.
3) Long time horizon set-ups have the highest probability, but require the most patience.
Here's my analysis on the USD in 2016. If weakness in the dollar is about halfway into its cycle, the final half may be the catalyst:
And here's my last long term analysis on silver in March 2018:
- Thanks for reading
I am long SLV calls