Many of you noticed the gold breakout of its downtrend last month, while near future still is on gold , the long term projection is extremely .
Looking at the Gold/Silver Price Ratio we see that the ratio is at the 80x level, this was the top in 2003 and in 2008 before the infemous pice of $48. while silver price is staying a little behind on gold this can be explained.
we could see $18 silver this week
Last week silver opened at 15.195 high 15.565 low 14.785
and after the drop following the US labor figures silver closed (just barely) above the extended lower (15-12-2015 - 29-02-2016) there will be some resistance at the $18.40 level
The current gold silver ratio is 81x
- India (worlds 2nd largest silver importer) jewellery shops and establishments (incl. bullion markets) are shut since March 2 after finance minister Arun Jaitley announced one per cent excise duty on non-silver jewellery.
- Two weeks ago we closed with a candle. this followed on a monthly candle (Nov).
another event to follow closely, the shanghai gold exchange Yuan-Gold Fix ( april 19th).
i will continue to update this idea on a weekly basis.
this posting is not a signal to buy or sell now, always find your perfect entry on a lower timeframe.