Silver appears to be in an ascending triangle on the RSI, but there is a bearish divergence on the weekly chart forming. So, it might cool off and return to consolidation mode soon. However, it is preparing for a big move sometime this year, as it approaches the apex of its current triangle.
after taking a look myself besides just judging your graph so quick, I agree we will fall lower. My apology. I posted my idea both bearish and bullish scenarios as well.
Bearish thoughts
Bullish thoughts
Ill follow you as well!
Tastemaker
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@ToddGreen, Thank you for the follow (I will follow back) and thank you for sharing your thoughts.
I do think that the bearish divergence could have played out now and that it is possible for Silver to recover from here. However, it is crucial that it does hold this area or I'm afraid it will not be good.
My latest thoughts:
ToddGreen
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well u draw a straight line on the top of the wedge on rsi, when realisticly its more downward, as u can see gaps and space on your draw on the top, and you go through the line on the bottom to rest your case.
Tastemaker
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@ToddGreen, RSI and price action are not always perfectly clean lines. This latest peak matches the first two peaks noted on the RSI, and those bottom dips show a consistent trend up. It may not be perfect, but the pattern fits. I didn't note it on the chart, but you can find the same pattern 2013-2016 before it broke up to $21. Again, the lines weren't perfectly clean, but the pattern was there.
Bearish thoughts
Bullish thoughts
Ill follow you as well!