SILVER highest weekly close ever since over 50 years agoCommunity discussions
SILVER highest weekly close ever since over 50 years ago
XAGUSD Aren't those last 1h and 4h candles good for Monday?
SILVER sooo where do we close for the week? 🙈
SILVER even with a huge macro catalyst (CPI beat), and new ATH in markets, silver cannot reclaim $49. RSI continues to tread lower as dip buyers are not coming in. On the 1H and 4H you can see the left shoulder and right shoulder at the 48 level. Once we lose it, and we most likely will, we should see drop to 44 or even 41.My guess as to the catalyst is a US and China trade deal. Trump is meeting Xi for the first time in person re: the trade dispute, and players may be pricing this in, hence the continued selling from Asia. Perhaps the Chinese knows a trade deal is coming.
SILVER double bottom with rsi divergence on support of $48. closing the week here would show bullrun will continuXAGUSD Daily rsi still so lowSILVER long pos closed 😎 now lets see if we break $49.5
XAGUSD XAGUSD If you pull up a weekly chart of SIL/SLV (Silver miners relative to spot) you can see a clear uptrend starting 2025. In a bull run you would expect miners to outperform - their cost basis is fixed, price goes up, they make more money. They overextended and since beginning of September the relationship has contracted. i.e Silver spot caught up. With this week's move the relationship is back to the uptrend line, par, fair value, around 1.54. as a result of the
10% drop versus 7% in spot. If the bull is alive then miners should rally harder from here and re-take the lead. If not it's dead and it is 2011.
Cheers
SILVER Looks a confirmation of double bottom is forming on the 1H and 4H candles, if it indeed confirms by the end of today, I think we will have a bullish reversal, I am targeting a maximum of 51 usd if that will be the case.