Silver broke out of a huge multi month basing pattern on massive volume. Last weeks trading volume was the equivalent of 5 years worth of production. The resistance was $19. I expect it to cool off here as August is a cyclical weak month. It will probably retest the break out level. Long term very bullish set up.
Make or break time for ripple. Its at long term down trend resistance and is at the 200 week MA. $0.2815 is also a critical long term resistance level. If it can close above there, the trend has flipped to long term bullish
Silver traded 704,000 contracts this week. Thats the equivalent of 3.52 billion oz. The total yearly production for silver on the planet is 27,000 tons or 864 million oz. So in one week 4 times the annual production for all the silver on the planet was traded? And we are to believe that its price isnt manipulated? Come on. Eventually the rig will be over.
Long term multi month breakout confirmed, we broke above the green line with a healthy retest. It is now confirmed as support. Likewise the 200 EMA on the monthly basis is holding each time it was tested since 2015. Resistance was at $17.40 on a monthly basis and that has been eclipsed. $22 is my target for 2020. Look for Silver to outperform Gold in Jan and Feb...
Rare Element Resources broke out three weeks ago of a large multi week ascending triangle bullish pattern. The price projection is $1.00. Triangle high minus low added to the high = $1.00
The entire sector is bullish with the United States military and government trying to establish non Chinese sources for the metals.
XRP completed a Demark sequential and aggressive weekly buy pattern. It is also at long term support at $0.1890. Low risk buy entry can be made on a weekly price flip at current value of $0.2310. Or scale in with 1/2 position size at these levels and the rest at $0.2310 Sell stop is $0.15
EMX a gold and basic minerals royalty play, is breaking out this week of a long term multi month ascending triangle on increasing volume. The price target for the pattern is $2.20. (h-L)+H. (1.40-0.60)+1.40.
Silver isnt just a buy for right now, it may be the greatest play of all time. The chart doesnt even go back to 1980. But if we look at the 1980 high to the 2011 high it is a massive cup and handle. Interestingly the handle stopped on a dime at the 50% Fibonacci retracement. THe indicated target is $94.54 (2011 high minus 1991 low + 2011 high ).