On the weekly timeframe, Silver has been going through a very extended and complex B wave correction which we believe is coming to an end. If we are right about our analysis, this would represent an excellent trading opportunity because the expected movement of this precious metal would take the price towards the 17 area, and possible break the previous "A" top at 18.23. This would not represent the beginning of the upward impulse that would follow the first big impulse (in blue) and its correction, because that structure would in any case not yet be completed, nonetheless it is a more than decent trading opportunity, we believe, and we would take any and every buy setup from now on. Updates on smaller timeframes will follow. If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button. Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down). Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
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Watch carefully now. Getting ready for potential buys. Will break previous low, possibly for the last time. Look for buy setups between the 13.30 and the 13.80 area:
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
honestly before testing the multiyears low at 8.287 i do not see any hope for silver to rise
TradingClear
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@lapin_eliott, highly unlikely, considering that the "cheapest" reported AISC mining cost, globally, is $9.5, and the "most expensive" reported cost is $ 12.5. Best,
lapin_eliott
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retails are ultra massively positionned long on silver and gold, which means that gold and silver won't go up before those retails positions are stopped out. gold and silver are heading for new historical or multi year low, the only reliable indicator of "something to change" is the ratio gold/silver which is very near from its 86 limit
TradingClear
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@lapin_eliott, hi there, hope you are having a great weekend. The way we see this, more than Silver going where the retail traders have their stop losses, is that the price will go down to where the buy orders are waiting to be filled. We have small buy orders at 13.80 on CFDs - the majority of our positions in Silver will be traded in physical silver, not on CFDs. Will be updating our analysis soon. Best,
TradingClear
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On the 4hr timeframe, we are expecting one more downwards movement, to break previous lows again and possibly finally complete the B wave: