Ok. This is not investment advice or anything of the sort so don't even bother reading the rest of this post.
Silver has been along with everything else in a strong uptrend for the past months and whilst Gold has managed to break it's shackles and fly into a bull market Silver is still bound by two major resistance levels dating back to 2014 and a more recent one from September 2019. Currently the price is coiling in a month long ascending triangle formation with higher lows and multiple hits on resistance. This is quite bullish. We are almost at the end of the formation and a break out to the upside may be facilitated by the current weakness in the dollar. The DXY broke the support it's been testing for many weeks now and a meaningful move down would give an inflationary push on Silver to hopefully break the major resistance above.
It's pretty obvious but I'll say it anyway. This move will most likely be the start of a Silver Bull market.
That's it and remember that knife catchers don't last very long in this game.
Silver has been along with everything else in a strong uptrend for the past months and whilst Gold has managed to break it's shackles and fly into a bull market Silver is still bound by two major resistance levels dating back to 2014 and a more recent one from September 2019. Currently the price is coiling in a month long ascending triangle formation with higher lows and multiple hits on resistance. This is quite bullish. We are almost at the end of the formation and a break out to the upside may be facilitated by the current weakness in the dollar. The DXY broke the support it's been testing for many weeks now and a meaningful move down would give an inflationary push on Silver to hopefully break the major resistance above.
It's pretty obvious but I'll say it anyway. This move will most likely be the start of a Silver Bull market.
That's it and remember that knife catchers don't last very long in this game.
Comment:
Ok. The move is on apparently. Price has to close at this level or above in regard to the shorter resistance line. To confirm a breakout on the 2014 resistance we need to close the week at or above the current level.
Comment:
The markets are fearful and there is a knee-jerk reaction into bonds and the dollar as the prime safe assets (what an oxymoron that is). This is negative for Silver. We need price to stay above 18.40 for the weekly close and this bull rally might have a chance. If the fear play continues precious metals and pretty much everything else will drop.
Comment:
Silver survived the week and therefore the new trend will likely be up. The Dollar looks very weak and a move on the DXY to 96 and below will be very positive albeit quite bumpy due to support levels that need to be breached. If the 96 level on DXY is broken and bonds remain relatively stable there might be a stampede in Silver and all asset classes as inflationary pressures will push everything up.
Comment:
Going well so far. A move above 19.10 will likely be followed by a rapid jump to 20.00 dollars.