I'm watching silver for weeks now . It's in a triangle and it seems it's finally breaking out today.
The precious metal intermediate cycle is getting mature but I still think silver is not done yet. If I'm right we are going to have those 1$ up days in the following 2 weeks what we had last summer.
The question is if we can break through the multi-month-blue-trendline on the daily as we are breaking out of the triangle. If we do the rally can produce a 3-4$ rally up to 22$ in a very short period of time (5-10 days) :
I'm also watching the XAUXAG ratio:
The bear flag on the above chart is breaking down. It means silver will rally much more violently at the end of this precious metal intermediate cycle than gold.
I will use a stop if price turns back and breaks below the triangle.
Important : JP Morgan can hit this anytime to turn back down producing a bull trap. If we can't hold the breakout and reverse you will have to stop this out. Banks are hungry for your money. They've lost a lot during the pandemia.
The precious metal intermediate cycle is getting mature but I still think silver is not done yet. If I'm right we are going to have those 1$ up days in the following 2 weeks what we had last summer.
The question is if we can break through the multi-month-blue-trendline on the daily as we are breaking out of the triangle. If we do the rally can produce a 3-4$ rally up to 22$ in a very short period of time (5-10 days) :
I'm also watching the XAUXAG ratio:
The bear flag on the above chart is breaking down. It means silver will rally much more violently at the end of this precious metal intermediate cycle than gold.
I will use a stop if price turns back and breaks below the triangle.
Important : JP Morgan can hit this anytime to turn back down producing a bull trap. If we can't hold the breakout and reverse you will have to stop this out. Banks are hungry for your money. They've lost a lot during the pandemia.
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The multi month trendline breakout will occur above 18.5 $ only:
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But I think the previous few days had set to the trendline lower:
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The last 2 reversals from the red triangle trendline is negated today ( the last one was a daily key reversal).
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So right now it looks really good. Let's see how it closes.
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Breaking the multi month trendline
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Xauxag flag broke down
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At the edge of the breakout.
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I just added to the long position. I’m expecting a very fast move to 20-21
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And there is the breakout
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The breakout is held into the close.
Sticking to the position. Big move is coming to the upside.
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Show must go on. JPM released silver.
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XAUXAG following the path I expected.
This is tge main reason why silver will outperform gold in this ICL topping move.
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19.634 is the previous high. That is the next level to be tested.
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Xauxag ratio closed below the 200sma . Today there is no sign of recovery. Smartmoney is switching from gold to silver.
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There is no sign of recovery in DXY too. If it drops more xauusd and xag usd can benefit from it.
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Key reversal in the NAZ. And swing high today. The government will fight till last breath to stop this.
But we saw this march how far can they stop a correction . If more states are locking down we muggt test the March lows as we get closer to the elections.
But we saw this march how far can they stop a correction . If more states are locking down we muggt test the March lows as we get closer to the elections.
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Muggt=might
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I feel every puzzle piece in its place for a nice precious metal rally in the next 2-3 weeks.
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Another great day again with a new high.
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We are entering the final 10 day of the Silver intermediate rally. These are the 5-6% days where the sideline traders are starting to chase the price and shorts are getting squeezed. Someone big bought today as price tried to tag the 10 SMA.
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Higher high in the rally again and we are testing the 19.634 level soon.
The break of it will trigger some kind of short squeeze where I would like to exit the position.
The break of it will trigger some kind of short squeeze where I would like to exit the position.
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... and there is the breakout.
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Another big surge today without any pullback.
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Long from 18.1$ when the triangle broke out
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Short squeeze.
Trade closed manually:
What a run. Locking the gains at 22.5$
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The xauxag ratio probably going to take a breather at the 80$ Resistance.
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There was one more exit point in the morning If you missed the night exit.
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If we hit 21-21,5 in the next 2 days I might long silver again for one more push. After the 3 day rally it seems we stucked in a range.
