16.53 last 18.00 target 16.125 stop Reasons: 1. Cluster of 5 days where the high is very similar = explosion pattern. 2. Range expansion "UP-bars" on the daily chart highlighted with blue triangles. 3. Range expansion "UP-bar" on the weekly chart 4. Volume building at the 16.50-16.60 level appears to be a breakout level if breached could lead to a...
Decision imminent, only couple days till end of patterns. Diamond is in principle reversal pattern. And this time? Has anybody target for gold 1387 or for silver 20? Maybe lot of traders got too bearish and it is time to catch them on wrong foot... I was quite long in bear camp too... Gold has tried upside already, rejected so far... I know, there are HS...
If you like gold's trajectory/bullish in gold, the cheaper metal is the one to get. Silver on its own trades directionless, except that it is tracking the movement of gold. Similarly this can be seen in other markets such as Bitcoin, when considering BTC vs LTC. Except that its in a more extreme manner than the other. Since the last major bubble that peaked...
There are 2 Trade plans but both need confirmation of the breakout and a retest of the breakout area (i.e. resistance should and must become support to validate the breakout) 1st Game Plan - Long Silver at 16.71 stop at 16.03 (risk 68 points) Target 17.71 (100 points). Stop is rather wide but look to raise should breakout validate by testing the previous...
Corrective move met resistance at 16.49 pulling back ideal target to break even is 38.2% retracement 16.29 (to minimise risk) target 50% retracement to cover all - intraday
Looks to keep grinding up, at least for another 6 months in this rising wedge. You can't trade between silver and gold, but its certainly worth taking a look at the key support/resistance. On the break of this rising wedge, I might consider trading some of my physical gold bullion I've collected over the years for silver.
Out of interest I made this chart for further purpose. left hand: XAGUSD 5y chart (Silver) right hand: XAUUSD 5y chart (Gold) Silver has a nice rendezvous in June 2015 - interesting to watch for. HOWEVER As gold is the driver, it could be a non-event tho'. Indeed XAUUSD has not this kind of convergences on the chart.
Gold is showing signs of an intermediate term downtrend, whereas silver has no signal of further continuation of the downtrend it began since the commodities boom in 2011. The Silver/Gold ratio chart also shows an interesting level in effect, and a possible bottom, meaning it might be time to exchange our gold for silver... As a sidenote, the usdollar/dxy chart...
I noticed that Silver can potentially put in 2 smaller advanced patterns, especially if price action decided to consolidate. I got a question on the USDCAD chart I posted the other day about trading a technique that we used to call the "Aggressive C" I said it was a horrible idea for the most part , but this would an example of a situation that would make sense...
XAGUSD seems to be forming Wolfe Wave 4-5 towards 15.50 triple bottom support level. Target TG can be set at 15.75 with stop SL above 18.50.
Only volatility released to the long side now
Miners didn't follow metals the last few days
Technical view, no QE speculations. SLV has reached: 200 DMA; resistance at 18.685; 61.8 retracement of last downleg. Downtrend is still intact, 200 dma still falling. Enough to enter short for pullback to 16 level, where could be decided if trend will proceed or reverse, but under yearly pivot the odds favor downtrend.
i will be interested to take longs on both Gold and Silver on the break of dotted trendlines on daily chart, i will watch the price action near this trendlines prior to the entry . Silver: Upper Chart Gold: Chart below
Close to the trend line, with a confirmed reversal along with RSI breakout. Stops are placed slightly below the previous candle.
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.
The low of 13.997 could be considered as completion point of this bullish crab since the PA came so very close. The Price is on $17 and T1 is 18.24. Pay attention to almost overlap of 61.8 retraces as perfect confluence on T2 20.86
The platinum/silver ratio indicates right now that silver will likely be the best precious metal to buy at the start of 2015 if all metals start rallying like in January 2014. Please see my previous ideas on silver and on the silver/gold ratio to see why this metal in particular has caught my eye lately. If you're bullish on precious metals right now, give...