Is silver about to turn bullish?
Updated
Good afternoon traders,
Been quite some time, my workload is year round, however it's quite seasonal. I'm finally coming off and find myself with some time to do some charting.
Silver is one of my long term holds, it's at historical imbalances with gold, and once again, expected to out perform gold in 2019, take that with a grain of salt because as we all know, metals aren't the cool investment on the block these past years.
Let's dive in.
Bullish Key Points:
1) Silver is currently sitting underneath the 21 Weekly EMA, the first test will be to clear this hurdle and start trading between the 21 and 50 EMA.
2) The 21 and 50 EMA have crossed on the daily chart, last time this has happened was June 8th and silver rallied almost 6%.
3) If silver can break the 21 weekly EMA, then it has another immediate test @ 14.00. Beyond this, we have the local downtrend channel dating back to August 2016 @ 14.50.
4) Silver currently has the most upside of all the metals, and with the current market economy, could potentially realize significant gains in the next couple of months.
Bearish Key Points:
1) Let's be honest, this is a highly manipulated market. If the powers that be deem it's not going anywhere, well it just won't.
2) Weekly EMA test. Silver has not traded above the 21 EMA since June, if it can't find steam in the current market conditions, I'm not sure what else it will take to get it moving.
3) It has major tests ahead. In addition to the weekly EMA we also have two major tests within 6% of the current price.
Positions:
1) I currently hold spot silver ETF, as well as multiple future long calls.
As always, if you appreciate my content please hit the "Like" button, and consider following.
Thanks for reading!
Been quite some time, my workload is year round, however it's quite seasonal. I'm finally coming off and find myself with some time to do some charting.
Silver is one of my long term holds, it's at historical imbalances with gold, and once again, expected to out perform gold in 2019, take that with a grain of salt because as we all know, metals aren't the cool investment on the block these past years.
Let's dive in.
Bullish Key Points:
1) Silver is currently sitting underneath the 21 Weekly EMA, the first test will be to clear this hurdle and start trading between the 21 and 50 EMA.
2) The 21 and 50 EMA have crossed on the daily chart, last time this has happened was June 8th and silver rallied almost 6%.
3) If silver can break the 21 weekly EMA, then it has another immediate test @ 14.00. Beyond this, we have the local downtrend channel dating back to August 2016 @ 14.50.
4) Silver currently has the most upside of all the metals, and with the current market economy, could potentially realize significant gains in the next couple of months.
Bearish Key Points:
1) Let's be honest, this is a highly manipulated market. If the powers that be deem it's not going anywhere, well it just won't.
2) Weekly EMA test. Silver has not traded above the 21 EMA since June, if it can't find steam in the current market conditions, I'm not sure what else it will take to get it moving.
3) It has major tests ahead. In addition to the weekly EMA we also have two major tests within 6% of the current price.
Positions:
1) I currently hold spot silver ETF, as well as multiple future long calls.
As always, if you appreciate my content please hit the "Like" button, and consider following.
Thanks for reading!
Note
Today we had a bullish break to the upside w/ RSI divergence.Over the following days we want to see $14.00 defended, and the local $14.34 resistance taken out, finally going for the local downtrend since August 16' at 14.62
Trade closed: target reached
I've closed my 1/18 options for a 200% profit, expect a retrace in the coming days.
If you find my information helpful, please return the favor and hit the like and follow button, it's very encouraging and keeps me motivated!
Twitter: twitter.com/Jedi_ant
Twitter: twitter.com/Jedi_ant
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