Silver looking good as we head into the new year.
Double bottom back in 2018, with another low test in June of 2019, establishing higher low.
Bearish bat formation played out but correction stopped between 50% - 61.8% fib retracement, indicating a possible 1,2,3,4,5 EW surge.
RSI in upward channel on the 1W.
MACD turning bullish on 1W indicator.
And oh yeah, the Federal Reserve still pumping billions and billions of fiat into the markets. Silver to dollar ration at $1,164/oz of silver (vs $2.16 per oz back in 1913). There's a LONG way to go up!
Wouldn't be surprised if we see new ATH in 2020.
Double bottom back in 2018, with another low test in June of 2019, establishing higher low.
Bearish bat formation played out but correction stopped between 50% - 61.8% fib retracement, indicating a possible 1,2,3,4,5 EW surge.
RSI in upward channel on the 1W.
MACD turning bullish on 1W indicator.
And oh yeah, the Federal Reserve still pumping billions and billions of fiat into the markets. Silver to dollar ration at $1,164/oz of silver (vs $2.16 per oz back in 1913). There's a LONG way to go up!
Wouldn't be surprised if we see new ATH in 2020.
Trade active:
Initial rejection at $18.00, looking to re-test. Gold and other metals still rising, albeit slowly. A second failure at $18.00 could indicate pattern invalidation. I'm still long USLV.
Trade active:
Sill in USLV, silver looking very weak. H&S pattern forming, may be exiting very soon. $18 looking to be a point of contention and now may be resistance instead of support.
Comment:
This chart is probably about to play out. We're less than a month away from a golden cross on the 50/200 WEEKLY time frame. Buckle up....
