I'm bullish silver for a number of fundamental reasons, but if this pattern confirms, it's the technical icing on the cake and gives an initial upside target of around $18.5, which coincides nicely with a pre existing zone of horizontal support and resistance.
We also broke out of the long downtrend, we retested that steep line as support from the other side, and made a bottom and went sideways... we then formed a double bottom in the process of this inverse head and shoulders, and we're now climbing out. Neckline break confirms, but I'm long already.
moreover the price ratio of gold to silver has never been more extreme, and we are seeing equities start to top out which also send money towards precious metals. This could be a fantastic long entry for the long term.
We also broke out of the long downtrend, we retested that steep line as support from the other side, and made a bottom and went sideways... we then formed a double bottom in the process of this inverse head and shoulders, and we're now climbing out. Neckline break confirms, but I'm long already.
moreover the price ratio of gold to silver has never been more extreme, and we are seeing equities start to top out which also send money towards precious metals. This could be a fantastic long entry for the long term.
Comment:
Now closed long positions in silver following the rejection at $18. I remain bullish above $16 , but a better opportunity to buy will likely present itself within a few weeks.