Silver has been consolidating in this triangle formation for quite some time now. Is it looking for a catalyst to change that? With global markets fearing a correction, history shows us that society reverts to the tangible world as a safe haven. According to the LBMA Precious Metal Forecast, top analyst predict that silver will be the strongest performer of the year, with an average of $17.81 and a high of $23.
"Silver is forecast to be the best performing of the four metals. The most bullish forecast is for an average price of $20 and the most bearish $16. But the overall view is that the silver price will end up between the two extremes at $17.81, representing a 4% increase on the average price in the first half of January" lbma.org.uk/downloads/Forecast-2018.pdf
Trade will be activated once a break out of the wedge has close on the monthly time frame.
My target is depicted below the first schiff fork channel and just above the 236% fibonacci, at $23.
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.