I never chart silver but I wanted to have some fun and see what I can see. This is the weekly chart for silver. There were a couple of things that stood out to me. The first was the huge bearish divergence on the RSI which in my opinion, has not resolved itself yet. In other words, it suggest that a good drop to much lower prices is in our future. (I am not...
bullish- signs 50 day MA crossing 100 MA. MACD looks bullish and daily RSI at lows
50DMA crossing up through 100DMA. First time in almost exactly 1 year. Angle of attack is pretty steep. I would love for this to mean a repeat of the 2016 PM/Miners story.
Often after a long term bullish rise (as occurred in silver upto 2011) there is a slow time of consolidation from the overbought condition before the next and often final burst up. Sometimes this takes the form of triangle (contracting or expanding). With that in mind I thing we may be going to form a multi-year side ways triangle in silver. Just a guess. If this...
Would seem like a good time for a reversal to me since we have a .618 correction of the previous rise and encouraging RSI. Also recent low is at the bottom of a decent looking channel. But still have another gap at the .78 level that has not been closed so need to wait for a positive candle formation to see if correction is over. Take care. If you do take a...
Silver looks like it will be on neutral mode until the fed decide what they will do with the interest rate. I personally think it'll be a good idea to wait for the next opportunity.
I have changed my "count" since the previous posting but the near target is about the same. Upper end of the target box is where c=a and the lover end is where c=.62 x a. You can see there is overhead resistance at these levels also. Of course there could still be another another down wave to the current correction but I favor it is over. Process through your...
Based on fibonacci timeframes, I believe we've seen a low medium term. Silver is also holding the 200 month moving average. I believe the swing should bring us to the 100 month moving average around 22. In my opinion we should see a run to 21-22 by 2017.
Expecting a massive crash in Gold's price right now as I speak when it breaks down from the year long descending channel. There'll be panic as it'll be all over retail as CNBC starts painting the end of world. That presents one of the best opportunity to buy as it will be heavily shorted and sold by retail. (see the chart)
Classic example as to why you shouldn't listen to the sell-side & mainstream media...