nl
Long

Silver starting wave 5 on a multi year timeframe

nl  
FX:XAGUSD   Silver/U.S. Dollar
Hi Folks and Fawks,

Many of you noticed the gold             breakout of its downtrend last month, while near future still is bearish on gold             , the long term projection is extremely bullish .
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 trendline (15-12-2015 - 29-02-2016) there will be some resistance at the $18.40 level
The current gold             silver             ratio is 81x

weekly fundamentals:
- 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.

weekly technicals:
- Two weeks ago we closed with a Engulfing Bearish candle. this followed on a monthly Bullish Engulfing 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.
please don't mind the typo in the losses of wave 4. and i repositioned the text for wave 1 so it fits to the screenshot.
snapshot
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
ประเทศไทย
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out