On the above monthly chart Silver has corrected over 35% since the year began. A number of reasons now exist to begin accumulation. Why?
1) A ‘incredible buy’ signal prints. See weekly chart below. Not since September 2018 has such a strong signal like this printed.
2) A strong Dragonfly DOJI candle printed with the close of July. This told us $18 was very strong support.
3) Price action is printing within a bull flag. It could be another year before a breakout is seen, however, long positions opened between $18 and $20 should see great returns with the Bull flag Flagpole measuring out at $50.
4) Lastly the monthly Gaussian Channel (below), which has recently changed to green. Prior to publishing this idea confirmation of support on the medium line as in 2009 was required.
Is it possible price action falls further? For sure.
Is it probable? No.
Ww
Type: trade, <$20 is fantastic Risk: <=6% of portfolio Timeframe: 1 - 2 years Return: $50 then $150 if $50 becomes support
Weekly chart
Monthly Gaussian channel
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** target update ** Now 45 dollars.
Price action traded inside the bull flag longer than expected until breakout. This resulted in the new target. Price action is up 25% since publication. By far if you're a metals person then holding silver trumps gold in 2023, I don't know why exactly that's just what the chart is saying.
2-week chart
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Some folks are having difficulty in understanding how a 150 dollar target might be achieved. Truth is the majority of the studies published publicly do not include the detail, that is for elsewhere / others. In this idea the 150 dollar area comes from study of the higher time frames, in particular the 3-month chart. In all probability a 200-220 target shall be achieved IF 50 becomes support.
Yes it is hard to believe. However in my opinion a currency reset is on the way with significant devaluations. These targets might not be that significant down the road as them seem today if a horrible MacDonald burger + coke costs 50 dollars at drive thru.
3-month
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A good moment to be long.
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Support confirmed.
The path to the target is highly probable.
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As active as it is going to get
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support confirmed
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Support under test. If price action prints candles below $20, market structure is broken and the idea void. The sell off from 25 was massive.
@Scamtrader, If you hold after a 150% rally... well there's no helping you. Metals are never an investment, only an insurance.
byronsmith600
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What makes you so confident in Silver doubling from here but gold going to 1600 if I’m not mistaken in one of your gold ideas? Will this and the dollar collapse you foresee be based on BRICS moving away from USD or is it just charts instead of narratives for you? Or combination of both? I’m trying to learn a bit of the charts
without_worries
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@byronsmith600, Yes, I am that guy. Just using the charts. When money starts flowing out of an asset, I’m out of that position. Only emotions, ego, and listening to gold dealers telling you price is going up keeps the bugs eyes twinkling with delight.
Generally I’m not long on any asset as money flows out of it, as is shown in the chart below.
12-day gold
12-day silver
If fundamentals are your thing… an acquaintance who owns a gold mine in a west asian country is laughing all the way to the bank every month, or so he tells me. Recovers an ounce of gold for around 750-800 dollars and sells the next week for 2000.
You cannot predict a price of a world commodity based on a chart spanning 20 years. In such timeframe technical analysis just doesn't matter to the end picture. $150 silver??? Come on. How are you even posting stuff here..
without_worries
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@justPAYit, Who says I'm using a chart spanning 20 years for my studies? Assumption, the mother of all guesses.
chakoban
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Exactly! Even triple digit once industrial demand, plummeted down by scamdemic returns
I think we're about to rally into the triple digits.... eventually.