Been stacking at the lower levels, but hoping markets breathe a sigh of relief after the election, causing a dip in Silver to around $21. After that, should be on a tear to $47 over the next year or so. Silver of course DOESN'T have to dip to go to $47, just hoping it does for a good buy opportunity.
The Green Neckline @$26.50 is the major resistance at the moment. Breaking it would signal huge upside potential. Depending on how long this consolidation is, if less than a 6 MONTH consolidation, the pattern most likely will be for $35.00 an ounce, $10 gains. if the consolidation is for more than 6 MONTHS, a long term Inverse head and shoulders will have...
70:1 GOLD/SILVER ratio is the average ratio when silver is treated as an industrial metal. However, if you believer Silver will be receiving monetary investment demand, like Gold has been, then 70:1 may become the neckline for a much more aggressive silver price and a ratio closer to 20:1 in Silver's favor.
That means if Gold hits $3,000 an ounce like Bank of...
Two different bull patterns. 1st the falling wedge in blue, which has completed its full 5 count now, after a false breakout last year. The second pattern is a triple bottom in Red. Target price for the blue falling wedge is $25 an ounce. The red triple bottom is $28 an ounce.
Silver sits bullishly above the 18 month moving average and is in a strong demand level at $17.50-$17.25. bullish price action should continue after technical consolidation completes and bullish pennant pattern breaks out.
Entry Point- @ $17.00
Price Level Support - @ $17.00.
Channel Support - @ $ 16.90
Stop Loss- @ $16.69
5 Month Target Price- $20.50
To me, a good risk/reward ratio at this level. Will know in short term if a good buy or not depending on strength of channel support.
After a 3 month corrective move down, and hitting its down side target price of Broadening Wedge, silver seems to have found the support it needed with a retest of very important area of $16.60, and bouncing back above $17.00. Would be a great place to enter long, and keep a stop below the last low at $16.60
Broadening wedge, with a target price calculated as 60% its broadest point subtracted from the area of the pattern breakdown, gives Target Price of $16.70. A secondary pattern that following the upward trendline (in black) also has a target price of $16.70. I would pre position with a buy at $16.75 and keep a stop loss below $16.30.
After a $1.50(+) smash in the price of silver, silver is setting up for its next move, (potential H&S). While technically not confirmed, I suspect the following price action with the Price Gap at $17.40 and with scheduled trade talks with China set for October, causing risk on in markets.
Potential areas to short from is $18.50, or daily close below $18.15
Silver has not been this cheap to Gold ever! The rising wedge is a bearish terminal pattern and should reward Silver investors almost 2:1 as far as gains, to those who stack Gold! Look for a confirmation in reveral with a break of 83:1. TARGET 50:1
Wedge breakout indicates a price target of $1,680.00 Gold has closed right below resistance line $1,520. Safest bet is to wait for retrace to $1,400.00 before entering long. Bigger opportunity from there is breaking the $1,520 resistance line for a higher price target of $1,850.00
Silver consolidates above the previous $16.80 resistance, finding new buyers on dips. Currently $17.14 per ounce, the double bottom and the triangle breakout signify further upside potential with price ultimately targeting $22 an ounce in the short term (3-5 month time span).