The current thrust in Silver, with AMEX:SIVR as the proxy, has completed a massive inverted H&S on the weekly chart. It is important for Silver to consolidate these gains without providing the false breakouts this market is famous for.
Booked profits in separate levels. Half of the position was closed in breakeven levels for a mere 0.37% whereas the remaining half was closed at 3.83%.
The position didn't move as expected and did crash a bit before moving in the anticipated direction. But there are better opportunities out there as of now. So decided to book profit and re-allocate the capital...
Fundamentals
The Consumer Price Index (CPI) was released in the US on September 13th, 2023, and inflation is on the rise. Year-over-year (y/y) inflation, which had been decreasing month after month for a while and had almost reached 3% in July, has spiked up to 3.2% in August and 3.7% in September. This 3.7% figure is even higher than the forecasted value of...
Although I do expect a dip of over 5%, before a rally, I'm still ready to take that risk.
There is a high probability for a crash in US equity market anytime and if that happens, commodities, especially gold and silver, should be there in the portfolio to act as a hedge. I'm not a big fan of gold and I consider it as an overhyped element when compared to silver...
if the flag were confirmed it would be a bounce on the right shoulder maximum, failed H&S that has already reached more than 50% of the target, if so the new target could lead to the top of the rectangle, the main figure
I like $SIVR over $SLV as it is treated like a stock / ETF and not a limited partnership (LP), which $SLV is a LP (the later is a headache at tax time). Silver has been consolidating in a wide range now for about 11 months as you can see by the shaded area on the chart. It looks to me like it has also established a channel over the last few months and is now near...
We've been here before, though a 4% up day on silver is nice. If we continue up, we may see some FOMO push us up to the fictitious 'squeeze rally'. Or possibly, this was just a counter to crypto's down day. Note here that I trade SIVR because I like the sound of silver residing in London vaults. Makes me sound wealthy. :-)
Silver needs to push through this key resistance level for a 'continuation. Or will we drop back down to the bottom of the upward channel. Only silver knows.
I drew a couple of trend lines - but my takeaway is that we have been in a consolidation pattern on silver since September. We recently broke above a downward trend and picked up on a upward trend from earlier this year. This may be an entry point as the risk in equities increases. Its something to watch but I'm not sold on this being the point at which we break...
Here's a hedge against the market, today SIVR broke symmetrical wedge going back 2 years. If it closes above the wedge that is a confirmation of the break. Especially true if it breaks 16.91 (higher high) and holds that near tomorrows close. If that happens, best time to buy is sometime tomorrow afternoon. If we can't stay above wedge and make higher high, it...
Looks like SIVR may be hitting a low risk buy point.
1. At the Support line
2. Symmetry of time from low to low.
3. Cypher pattern completing at the 786
4. Gartely pattern completing at the 786
5. Perfect ABCD pattern
6. Oversold on Stoch
7. RSI bottoming out
