Silver is at a support zone right and has another one below. Really ought to bounce a little here, or maybe even reverse? NOTE: I do not know anything about this market, only charts.
My methods project support and resistance zones. I do trade many assets based on this methodology. Silver admittedly is not a market I follow or trade.
14.27 - 14.39 is immediate support which might bounce it. 14.08 - 14.13 is next support which bulls really need to bounce. 14.86 - 14.90 will be first resistance, a good place to take profit.
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See some of my other Trade calls below. I also plot Crypto and some Stocks, check my Profile Page.
(Upthrust warning just in time)
(Fib extensions at work)
(recent perfect entries)
(recent perfect entries)
(the very tippy-top a year ago)
(almost at a long term target now)
Of course, I have had total FAILS on some plots also, not going to pretend. But my plans offer PRECISE entries, TIGHT stops, and EXACT take profits. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
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So we got the bounce as expected, right into the resistance target above Being persistent at this ceiling, might break through, but expecting a retrace first..... lets see ....
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Breakout successful. Now looks ready for pullback though
Silver occurs naturally at about 19:1 so that's about where it should be valued. They can't raise interest rates, or they'll cause an equity sell off. They can't lower interest rates or they'll cause a spike in gold, with just the rumor of such a thing. If gold rises without silver rising, then the Gold:Silver ratio goes higher. At some point JP Morgan is going to have to let silver run, because the cost of covering COMEX silver shorts will just be too overwhelming. There are approx 700 paper promise contracts for every ounce of silver held in this nutty fractional reserve crap. If gold rises, and silver starts looking really tasty, we may be in for quite a global financial mess. When consumer, and industrial demand start looking for delivery of their paper promises, that silver will be nowhere to be found. Every bank on the planet will fail. That's likely this summer as the Deutsche Bank derivative conundrum comes home to roost. Who knew silver would become the buy of the century ? Silver IS the golden bullet at this point in the program.