Silver long term look and where we are now.
Hi fellow pm bugs.
In this chart i'll be covering gold's little sister silver.
The following chart is a long term silver chart, i'll provide a zoomed in version in the comments.
What we see here is a long term key zone around 18-19 usd.
This zone has been a pivot zone on long term several times in the past.
To make it more intresting we are at a point that seems to reach a long term resistance area (blue lines) this is also in sink with gold and reason why gold is having a pullback atm.
Another intresting factor is that the gold/silver ratio is forming a bearflag (see comments) and might break down.
So i have set two long term tp's of which i am favoring the long side atm.
The bearcase is a retest of bottom resistance of the triangle which would be around 15ish.
But the bullcase is more convincing in which the tp is set around 26.
This would be in sync with the goldsilver ratio breaking down to 60 - bounce back up (gold and silver back down).
After we have the 5th and final move up in both pm's somewhere next year as the euro breaks up.
So how should you play this?
Well you should get leveraged etf's like jnug (gold) or go for silver miners or gold miners prefered junior.
Some suggestions: silver wheaton, ivanhoe mines, harmony gold, b2gold.
Enjoy!
In this chart i'll be covering gold's little sister silver.
The following chart is a long term silver chart, i'll provide a zoomed in version in the comments.
What we see here is a long term key zone around 18-19 usd.
This zone has been a pivot zone on long term several times in the past.
To make it more intresting we are at a point that seems to reach a long term resistance area (blue lines) this is also in sink with gold and reason why gold is having a pullback atm.
Another intresting factor is that the gold/silver ratio is forming a bearflag (see comments) and might break down.
So i have set two long term tp's of which i am favoring the long side atm.
The bearcase is a retest of bottom resistance of the triangle which would be around 15ish.
But the bullcase is more convincing in which the tp is set around 26.
This would be in sync with the goldsilver ratio breaking down to 60 - bounce back up (gold and silver back down).
After we have the 5th and final move up in both pm's somewhere next year as the euro breaks up.
So how should you play this?
Well you should get leveraged etf's like jnug (gold) or go for silver miners or gold miners prefered junior.
Some suggestions: silver wheaton, ivanhoe mines, harmony gold, b2gold.
Enjoy!
Comment:
This is the zoomed in idea with tp for silver at 26:
Comment:
goldsilver ratio: