Is Silver going to test the 200 weekly?
Updated
My reasoning of why silver will retest the 200 weekly.
1. The Dollar (DXY) is in a downtrend. I believe It is on its way to the 200 weekly moving average but before that happens I believe there will be a small rebound.
2. I believe the DXY is going to have a rebound as the daily RSI is nearly indicating oversold.
3.Silver is in a rising wedge pattern and it is nearing overbought territory on the daily RSI.
This is just me hoping. I'd really like to see a retest of the 200 weekly for an entry into silver again and off we go to a Christmas bull run. =)
1. The Dollar (DXY) is in a downtrend. I believe It is on its way to the 200 weekly moving average but before that happens I believe there will be a small rebound.
2. I believe the DXY is going to have a rebound as the daily RSI is nearly indicating oversold.
3.Silver is in a rising wedge pattern and it is nearing overbought territory on the daily RSI.
This is just me hoping. I'd really like to see a retest of the 200 weekly for an entry into silver again and off we go to a Christmas bull run. =)
Comment
Sliver broke the trend line. Daily RSi is still showing down trend sell off and is not extending which leaves room for more to the down sideComment
Anticipation is key to making profits. Follow me and hire me and lets make iron sharpen iron.Comment
Silver is tapping the Daily 100 Average. RSI on the 1 Day chart still shows more potential for a continued downward trend. We may get a small bounce but, I will be looking forward to covering my short and add positions into silver around $22.00-$22.80 depending on what the Daily RSI indicates and where the DXY is positioned.Comment
Silver is tapping on the weekly 200 and the daily RSI shows for more potential to the down side. I am watching carefully what the DXY is doing as it is looking bullish at the moment. It is getting pretty close to covering my short and start adding positions.Trade closed: target reached
FOMC meeting coming up DEC 12-13, 2023. I'm looking at the charts and I feel like this is my time to start thinking about allotting fractional increments of silver at these prices I feel like its a good deal. If the price keeps dropping I will add more fractional increments to my position on SLV. Closing my short position today and will keep an eye out for a reversal to the up on SLV.Comment
Just a little read:Did you know that during the housing bubble in may 2004 the FED started raising interest rates? By July 2007 Interest rates were peaking at 5.26 percent, during this duration of time Silver rose over 250 percent and on or around OCT 2007 the Fed started to reduce interest rates to finally a bottom to .25 percent by Jan 09. Between August 2008 and the end of Oct 2008 Silver crashed down in price 51 percent. Right after that Crash Silver rose again to a whooping 450 percent to 50 Dollars an ounce by April 2011! Good luck all.
Comment
Pretty safe to say a reversal is happening. Merry Christmas ALLComment
Just a little update for ya'll. Just wanted to include that the DXY has just broke a trendline to the down side. I am anticipating silver to push up as the DXY crashes( if it does) and I also would like for the DXY to drop to the weekly 200 average which is around the $99 Range. If it does I think Silver should get a nice boost.Trade closed manually
Sold all shares.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.