Silver miners are looking good.2 possible counts.
The green count seems more likely because I see 5 wave subdivisions within the larger waves. We just reached the 1:1 fib extension and if we can continue upwards through there, our chances improve that this trade continues upwards.
Breakout will be confirmed if we reach $11.60
SIL
LONG CDE - Company just broke out of a 8 year down trendCDE is a great buy here as the stock has broken out of a 8 year down trend starting in 2011. CDE has lagged other silver miners slightly during these recent silver breakout ().
They are optimizing recovery and costs at current claims and have a great deal of exploration and potential for new claims in the works. They have suffered from aggressive short selling as of late - see: fintel.io , but this should just fuel a spike in the stock as Silver moves to its next resistance point of $17.30. Technically resistance at $5.20, then $5.75.
Gold/GLD Weekly Chart Video Shows What to Expect NextThis is my first video on Tradeviews and I'm still learning the software but I wanted to give it a try and share my overall analysis for what you should expect next in gold.
GLD GDX GDXJ JNUG NUGT SIL SILJ
I share my daily pre-market video each and every day before the market opens on my website
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Gold should fall to this support level before bouncingThe US Dollar is poised to rally back to near $97.50 as this recent downside price swing ends. We believe the US/China trade talks and North Korea deal with result in a strong upside potential for the US Dollar and the US stock market as time progresses.
A certain number of industry analysts are starting to announce the recent December 24th lows and subsequent rally as a “new bull market”. We have been suggesting to our followers that this market has lots of room to run as a continued global capital shift takes place. We do expect some price rotation over the next 3~5+ weeks in certain sectors – including the US stock market and Gold. We believe the US Dollar INDEX:DXY strength will continue to push higher, above $97, with the potential to reach near $99 before the end of this year.
Silver. Short Opportunity. Target 12-13.66Silver market was undermined with a notorious Flash Crash occurred last summer.
The chart structure was spoiled but at the end of the day if we have enough patience
to wait until dust settles we could see the clear picture again.
I spotted for you both the blue downtrend and the yellow triangle pattern in the wave X on the chart.
It looks like we can gain from the last drop down to the previous low at the 13.65 or even lower to the downside
of the downtrend to the area of 12 handle.
The RSI indicator can't raise its head above the waterline beyond the 50 level and it favors the short.
The invalidation level is set at the finish of the wave "e" of X at the 17.70 level.
The minimum risk/reward then is equal to 2 and is healthily asymmetric.
Silver finds support at $16.2Silver finds support at $16.2. COT futures data show that the Commercial Trader Short/Long Ratio is down to 1.23. This is a strong buy signal. The COT data can be seen on barchartdotcom and goldseekdotcom. Since USD has shown a lot of strength recently, it is reasonable to cost average smaller positions into this over the next 4-8 weeks. I am long 1 silver future and will open a half position in USLV in my 401k today.
SLV is a 1x long etf. USLV is a 3x long etf with an average volume of 2.9 million shares so it is highly liquid.
Silver has broken its downtrend lineCOT data show that the commercial traders have closed a significant fraction of their net short position. The commercial traders short/long ratio is 1.74. I would prefer it to be closer to 1.5 but it may be there when Fridays report comes out. The large speculators have mostly capitulated. I went long one silver future this AM and will open a half position in SIL in my 401k.
Gold breaks its downtrend line. See COT reports.The COT data is very important for traders to understand. Go to barchartdotcom. In the upper left, click on futures. On the left, click on commitment of traders. In the center right, click on gold. The middle graph shows the positions of the commercials (gold miners, banks, swap dealers = bullion banks), the larger speculators, and the small speculators. The lower graph shows producers, swap dealers, managed money, and others. When you slide the mouse over the futures curve, a popup shows the COT data for that week. The commercials are called the smart money. Try to side with them. They rarely go net long on gold futures. They are either making gold (producers) or are buying gold (banks). When their net futures position is near zero, that is a strong buy. Gold can take weeks to turn up and this may not be the bottom yet. The Blees score is a calculation which you can find on the web. Look at chartwatcher's gold charts from the spring of 2016. I went long on a gold future last night. I was already long on GDX and SIL in my 401k. The last time the commercial shorts were this low was January, 2016.
Silver Update. Reversal Targets 23.10The price finally confirmed the reversal breaking above the resistance.
We got small correction on lower time frame (wave b).
The yellow zigzag shows the anticipated path.
Now the metal aims at 18.28-19.98 according to Fibonacci projections.
Then we should see the larger correction.
And then another leg upside, probably the final before the huge drop down.
Utlimate target where the large Y = large W = 23.10
Changiny my view of the precious metals miners. With what looks like a reversal in the US dollar yesterday I am reevaluating my view of the miners.In both the GDX and the SIL there has been a .62 correction and the shorter term down trend lines have been broken.
There has also been a "measured move" down indicated by the down arrows. Although we have a negative reversal in the RSI, the RSI has jumped up and held in the >50 range where it often stays during advances.
These observations lead me to think the correction is most likely over with more up move to come as the dollar falls.
LONG Silver LONG!! bullish for at least next couple of daysAfter FED's Talk on Rate Monday Sept 12- 17:00 ..Traders are betting the Fed won't make a move on rates in September. Now, 85% of traders think the federal funds target rate will be 25 to 50 basis points as of September, which is where it is now. Only 15% of traders are expecting the fed funds rate to rise to between 50 and 75 basis points by September.
BULLISH FOR METALS.. At least until Fed's give more insights on Sept 21st Rate Decision.






















