Monthly Chart shows a very nice Bull Flag for SLV A long stock play can be done if I want to hang onto the stocks for a few months. The length of the flag pole shows about a $3.5 move, so an option about half way up that move with the expiration of March would also work. In fact. I'm looking at the decently16 s priced strike that expires on March 31 2020 ...
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I am still a believer in the gold and silver market but I finally sold all of my silver in gold due to the potential of a big pullback.Yes I do expect a big rally after the pullback!
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With high conviction, I believe that Gold has more downside from here.
Ideally, a 1 to 1 ratio with wave A & C would be needed at the very least in order for me to get involved!
My conviction is strong that precious metals are only beginning their rallies higher, however, we might need to base out first.
Real yields are the main driver of precious metals. Currently, the Fed is transitioning to a dovish stance while inflation is expected to remain above 2% over the coming 6 months, this is extremely positive for Gold.
We are completing the corrective Wave C to complete a triangle for Wave B. Upside target from there is $1,542.
I continue to expect a move down to $14.75 before we continue the uptrend.
Silver has formed a bearish pin bar setup. There is a bit to be desired in this setup, but I think it does set up an opportunity for price to break lower and retest the 14.80 region. In regards to the pin bar, the real body is sitting a little bit high with a little too much bottom wick. I think it weakens the pattern a bit, but it is a fake out none the less...
This 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 .
Precious metals have been performing very well over the past couple of months, price does not move in a linear fashion so do we careful near term as the risk of a pullback is rising.
Gold's main driver is real interest rates inverting, monetary policy plays a key role in determining the path forward for Gold. In order to figure out the central bank's actions we really need to focus on the business cycle!