One of my fav. correlations is the here shown... 4-4.5 trill. USD daily Volume in USDJPY FOREX Trade compared to a few 100 mil's in Miners. Guess who will be the mover ... GDX at 20 starts to be a long term buy.
Notice at the end of each descending wedge is a bull run. These cyclic wedge, runs are very observable. It seems to me we are near/at the bottom of a descending wedge. Soon, we'll reach another bull run likely bring us back to $50. Either the next one or the one after that (pictured) will break the historic pattern in the current range. That is, we'll see new...
Conviction: 2/5
General Thesis
breakout and retest of medium-term (2012) resistance line
if inflation takes hold... silver could benefit, which could benefit silver miners
Growth
N/A
Value
N/A
Fundamentals & Balance Sheet
N/A
Potential Risks
been pretty weak lately
silver OANDA:XAGUSD near support, can be risky
SIL/QQQ is poised for a big move - the question is whether up or down..
Patience will be rewarded as will be firm action on a breakout.
We are at a major inflection point as per other posts - it can go either way - but when it goes it will be a good trade.
I am betting on a positive outcome BUT - Hope for the best and prepare for the worst!
she want's break out of this bull flag, haven't pulled the trigger tho, still think it's another head fake. Gold is stead eddy strong tho, I'm buying dips in the GLD. Tempted to let SIL fade here, bounce off its year-long support then she climbs like a hellcat as bond yields rip the face off this market later this summer...
Silver stuck in a massive bull pennant, but I think it'll finally wake up this summer and rip out of that flag. The 1S chart shows it failed at resistance today, but there's really good historical support @ ~$38.75, so if it retests there, room to stage a massive rally, 36% by end of summer (just to retest its highs, possibly higher). Solid dividend, I'm buying...
Silver paper spot price froze in space. Price is dancing around $25.80, sideways so far. We need to break $46.37 and another major one is $51.38. Patience
This could be the quarter silver senior miners put in a bottom vs spx.
Creating a higher low.
Possibly defining an important arc which has a road map for silver to out perform US equities.
Gold lagging? No way! It always has been leading. You just need to know where & when all of of this started.
#Gold already above step 3, while rest of precious metals complex is playing catch-up.
#Silver attempting to breach step 2.
#gotgold #gotsilver
Miners are supposed to be more volatile than the metal. Today's (2/1/2021) pre-market movement has the silver price moving more than the miners. That's backwards and a clear sign of a frenzy. Big risk, big reward (or loss).
Someone must be influencing the price wildly... oh wait... Everyone, please welcome WallStreetBets to the silver market! I assume the...
My last post on SIL was on 4/29/20 and the target I gave at this time turned out to be accurate. ( see link below).
Current view. I am still intermediate term bullish but from the daily chart you can see we are in a short term down trend. It could start up now at the midline of the daily channel, OR it could move down to close the gap, OR it could move down to...
NYSE Arca
