Silver making diamond reversal, BO triangle to confirm wave 3?
Silver now trying to BO the smaller downtrend line & the diamond. It may retrace a little but it needs to
Hold 22 & keep above the WMA 200 ribbon support to be bullish.
If it finally BO of the big descending triangle, then wave 3 will be confirmed & the next targets of 30 & 50 may be on the table.Unlike gold, silver is not only a store of value but also an industrial necessity which
Will be in high demand if economy recovers.
If the gold/silver ratio peaks out soon, then silver will rally more while gold continues to consolidate between 1760 & 1833.
But if the ratio BO of the longterm consolidation, both will rally.
Not trading advice
Hold 22 & keep above the WMA 200 ribbon support to be bullish.
If it finally BO of the big descending triangle, then wave 3 will be confirmed & the next targets of 30 & 50 may be on the table.Unlike gold, silver is not only a store of value but also an industrial necessity which
Will be in high demand if economy recovers.
If the gold/silver ratio peaks out soon, then silver will rally more while gold continues to consolidate between 1760 & 1833.
But if the ratio BO of the longterm consolidation, both will rally.
Not trading advice