Silver Bull Run Seems Immanent, But Faces Enormous Resistance

TVC:SILVER   CFDs on Silver (US$ / OZ)
Gold has already broken out of its bottom consolidation and made a significant move up over the last several months. This is significant, because it shows that in the midst of stock market stagnation and uncertainty, people are hedging their bets with precious metals. Silver has been lagging, but possibly not for long. Based on the chart, we can see that Silver clearly broke out of its downtrend channel and tested it as support. The weekly RSI is at a major resistance level . If Silver can clear the extremely powerful red pivot zone, I think it can target the $26.15 resistance area . If things really turn south for the stock market and the U.S. Dollar, metals could experience some parabolic movement.

On the bearish/neutral side of things, it should be noted that Gold is showing some sell signals.
Gold has has successfully reached prior support turned resistance from its previous bullish period, and the RSI looks a bit overheated. if Gold retraces heavily here back below $1400 to test some newfound support, Silver may have to wait. It would be interesting to see if Silver can move independently and follow the lead of its higher-valued cousin. I haven't done too much observation of these particular assets, so this is my first venture. Perhaps Silver can be equated to Ethereum and other altcoins from the cryptocurrency market.

This is not financial advice or a recommendation to buy or sell. Always consult a professional financial advisor. Just wanted to post something new. When talking with people about the stock market, I often say that if I personally had some more investing capital, I'd buy some previous metals around current prices (although maybe waiting for Gold to retrace). Silver seems to be one of the most glaring buys out there (to me). I DO especially like silver jewelry. Unfortunately, I'm balls deep on crypto and I'm only just about to begin a new job :)

-Victor Cobra
Comment: Moving up into the strong resistance zone.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out