themarketzone

Can the Silver finally breakout of resistance?

FX:XAGUSD   Silver/U.S. Dollar
Silver             already broke out of its daily downtrend line.
For more than a month, it has been building a daily bottom but still couldn't really breakout of the 16.5 resistance zone .
On its way, it must pass the 16.2 minor resistance zone .
17.5 and 19 are my extended target levels for the potential bullish move.
I do think you are right on the longer term analysis, but you can still enjoy some pullbacks along the way and that is what this analysis shows.
Reply
It doesen't matter if it brakes or not - right now there's no fuel behind continuous uptrend. So even if it brakes up, it would be a false one. A "Bull trap". In other words: will be another good selling opportunity.
Dollar is exploading and will continue to do so even more violently reaching in fast pace at least to 113 (DXY). That will literally CRUSH all commodities.
Also there is no Silver or Gold shortage. There is no precious metal seekers on the market right now to trigger a shortage. You can see this easily in google trends using clever keywords you can tune up to the global santiments. At this point you can shortsell Silver and be relaxed it will drop for sure soon, and even if there is some upside - it will for sure be limited. So leave proper margins and short sell. Profit has never been so easy as now. The currency markets are so predictable now. It wasn't that way an year ago, or the years after 2008. Now we are back in trending mode. Take advantage, stop wondering. Wait for Silver to drop down to $9 - then you can start to wonder. For me is no wander. I'm waiting for the price to dop to $9 and I am all in in physical. It will simply be not possible to drop much more. It's a productive commodity. Will only grow as more QEs comming and comming. Simply now is not the moment. Don't allow to get crushed by premature bull entry. This is still a bear market.
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