This is a weekly chart of AG, First Majestic Silver Corp. I like to call this pattern a giant compression wedge - it's just a simple descending triangle. But considering this is on the weekly timeframe, it's a mammoth-sized wedge. I like the pattern but I really like the company. I'll try to focus on the technical analysis, but First Majestic looks incredibly...
$1000 target is bare minimum. It will go WAY higher.
I just wished that this would be the bottom, this would be the end, and just buy buy buy but, FED and Treasury are way more popular than Gold n Silver these days, specially Silver, despite higher cost for mining and, despite industrial demand for Silver to build solar panels and energy efficient cars, that's not what the price of Silver reflects It's just down...
Price is moving up from the 9 month support level. Two bear traps in May and June and now price is breaking out. Formulate a plan with solid money management. What if it doesn't work out? How will you respond? Define how much you're willing to bet. Anything can happen (Mark Douglas) Risk: 180 bps Profit Protection: 3-Day Trailing Stop Rule (Peter Brandt)
Today a member of my social media pointed out that Silver may be setting up for a long trade. I like the price action on the Daily where Silver instruments (futures and SLV) have broken the 6 month 50% Retracement Resistance at 23 and confirmed the break by holding above it for the last few days. This sets up a breakout trade to retest the recent major highs...
So with much elation those that were pumping silver over the weekend cheered a 7% gap open on futures. However, this move fails to break the most recent high. If traders are looking for technical confirmation first then this would be the high to mark as the breakout level. Jumping in at the open Monday would be doing so at a dangerous level.
The S&P closed right under major resistance on friday. This leaves the door open for 1 of multiple scenarios to play out. 1- the market tanks from here and dips below 3800 2- the market dips, hold a higher low then breaks thru resistance to 4321, then 4400 3- the market melts up to the top of the channel at 4400
Testing trendline, expecting rejection here. Target around 1600
Still sticking with my original EW counting. Not sure if the corrective waves is done yet. It can possibly go down to 15 before it hits TP1 because silver and gold tends to dramatically decrease during recession. Still in the long run $SLV might have a lot of potential to go higher than ath.
Silver (XAG/USD) - Weekly chart. Support, Resistance, Trendlines. 14-year Logarithmic chart. 05/11/2022.
Please see picture for analysis. -Price is reacting off of demand/support that's been holding for 2 years now. -Still a very high demand for REAL physical silver. -Waiting for confirmation. Thoughts? if you like it don't forget to hit the like =)
(Elliott Wave Beginner) 1. 5 impulse waves completed (2020) 2. Supporting 0.618 ($20) for over 1 year 3. Volume increased over the past 2 years 4. The massive support volume below $16 TP: $43 SL: $15
See Picture Short for analysis.. Thoughts? I love gold for buying so this woud be a small risk.
Triangles happen in 4th waves, and silver has clearly developed a nice wave 4 triangle about to end. In a few weeks silver is going to work it's way to an ideal price of 40.
See picture for analysis. Feel free to share your thought... #silver #supplyanddemand #supportandresistance #technicalanalysis
Went long 50 JUL SLV 23.5 calls. Nice looking chart and I like the R/R on a move to at least the top of the box. Will reduce the position there and manage on price reaction. Mental stop just below 30 wk MA. Nice consolidation with accumulation type buying, cup and handle with a good retrace from the JAN to MAR move, I think it's going for next leg...
GLD and SLV tend to do well during these chaotic times, with inflation sky-high, Russian attacks, and crypto still at an early stage. At the moment, I believe investing in GLD and SLV is a hedge against risk and has potential upside growth until inflation drops. Since the Easter holiday, SLV has broken the downtrend line and found a bottom around $22.37. It's...
With rising inflation and politicals risk all around the world, Gold continues to perform as a safe haven for assets. From the TA perspective, Gold has formed a double bottom and it is breaking out late march level ($1957ish). It is aiming for a 0.61 Fib level around $2000, possibly all-time high,