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Si1! (Silver Futures)

Silver Trendline Breakout, $30 TargetSilver has broken above the downtrend line that formed after price peaked at $30/oz back in August. This breakout comes on the heels of a double bottom pattern that formed in the $21-$22/oz area from Sep-Nov which combined with the trendline breakout indicate that traders are likely going to take price back up to test the $30/oz level again. The current price candles are yellowish-lime in color which indicate bullish momentum volatility. In general price will continue to rise as long as there is bullish momentum volatility. The PPO indicator shows the green PPO line rising above the purple signal line which indicates bullish short-term momentum in price. Both lines are crossing above the 0 level which indicates that bullish momentum is forming in the intermediate-term as well. The ADX indicator shows the green DI line above the purple DI line which indicates a bullish short-term trend in price. In order for the trend to be considered strong the histogram in the background needs to be rising which for now it is not. The TMI indicator shows all three MACD histograms above the 0 level which indicates short, medium and long-term bullish bias in momentum. The TDI indicator shows the yellow RSI line rising above the horizontal 60 level which indicates strong bullish momentum for price. The TDI background is shaded green which indicates that there is bullish momentum in the intermediate-term as well. The yellow RSI line is also above the upper blue Bollinger Band which indicates short-term bullish momentum volatility. Overall, silver price looks good for a move back to $30 on this breakout.
COMEX:SI1!Long
by PrepForProfit
1
50 Year Chart of Silver - Two Major Bullish Patterns DevelopingScroll below for My background on silver and three things I learned: You're looking at a quarterly chart representing silver's price history since 1970. A) I'm seeing two bullish chart patterns developing: 1) Ascending triangle 2) Cup and handle B) Significant break of structure: The light blue rectangle highlights how significant $18 - $20 has been in the last decade+. This is why last quarter's breakout was huge. Local peak in January 2008 Major breakout point in July 2010 before reaching new all time highs Key resistance for 6 years (2014 - 2020). Breakout in 2020. Now here's where the 50 quarter moving average and the 21 quarter moving average are crossing: It's also the .618 retracement from the March 2020 low to the recent peak in July: Some background: I have a long history with silver. It was my best trade in 2011, and also my first big winner along with uranium mining stocks in the same period. Winning that trade is what really got me obsessed with markets. I became attached to commodity markets because that's where I saw some success. But I stopped doing well for the next few years (2012 - 2015). Then in November 2015 I started buying Bitcoin. After BTC's big run, whatever confidence I lost in being a trader was restored. Three things I learned: 1) Becoming attached to any single market gets you emotional and blinds you of other opportunities. 2) Know your time frame of your analysis and respect it. 3) Long time horizon set-ups have the highest probability, but require the most patience. Here's my analysis on the USD in 2016. If weakness in the dollar is about halfway into its cycle, the final half may be the catalyst: And here's my last long term analysis on silver in March 2018: - Thanks for reading
COMEX:SI1!Long
by Lanmar
33
Silver Running it's final Rally Silver is going to rally to its strong SUPPLYZONE The selling pressure will possibly activated as price goes near to cluster of high selling volume (point of control) In which, big money on short position will incur higher selling force to resist price rally above SUPPLY ZONE . While long position trader will trigger selling order to take profit near SUPPLY ZONE . Large selling order being placed near SUPPLY ZONE , shall then make significant price retracement to at least fib 61.8%
COMEX:SI1!Short
by joseph_tan
TNX and Precious Metals 8/18/2020This is the TNX at the daily view. There are way too many retail traders who are trading precious metals blindly. The first rule in trading? Protect your profits (capital preservation). Generally, you cannot protect your capital if you're trading something that you don't understand. The ten-year note is important since it has an inverse relationship with precious metals and a correlating relationship with the financials sector (XLF). The TNX is one of the centerpieces of the financial sector. If the TNX does well, then financials do well. However, when the TNX tanks, then precious metals will rally about 2-4 weeks later... usually. Sometimes the reaction is quicker if out of panic. On June 23rd, TNX tanked and moved below the middle of the channel (white line). On July 13th, both gold and silver began their super rally. On August 6th, the TNX began its comeback rally and reclaimed its former uptrend support. On August 11th, gold and silver began their corrective selloff. To predict gold and silver, it's not only how many buyers/sellers there are. Traders need to consider both the dollar strength and the yields - especially the TNX. Now, the dollar strength and the yields are locked in a battle to control gold and silver's prices. According to Bloomberg, the dollar is now overcrowded in shorts. Overcrowded means vulnerable for a fierce reversal. If the TNX holds its support or at least remain flat, that may buy enough time for the DXY to bounce hard. If the DXY bounces hard, then precious metals may pullback further for a much better entry price.
TVC:TNX
by Itsallsotiresome
3
Silver hit target on time! Next projected target at 30.The target previously posted hit target spot on time ! So what’s next? I would hazard a projection that despite the parabolic run, it still might have some legs to go, but am expecting the next target area (green ellipse with red outline) to be volatile. Not expecting a close above 30.30 though... it is just over stretched. IF silver still continues, the;we are in for some serious s hitting the fan... I don’t know what it would be, next week tells more! Btw, for study sake, I have put in the bright green arrows for the typical best entry points. Stay safe....
COMEX:SI1!
by Auguraltrader
When is Silver Pulling Back? 8/6/2020It's a legitimate question actually. I got no clue how to detect a pullback with silver. In precious metals, the price can be overbought and parabolic longer than anyone's expectations. Traditional indicators and price action readings tends to be useless. You have to know the overall demand of gold and silver and why people are buying into it. All I know is that there is a general monthly pullback +/- 3 days of the EOM. It happened on July 30-31 last time. Don't get me wrong. I am very, very bullish with silver and I only see this as the beginning of its bull market. I'll be buying dips on the way up. What are the general resistances for silver? Resistance 1: About $30 Resistance 2: About $40 Resistance 3: About $50 Resistance 4: The moon Resistance 5: Pluto
COMEX:SI1!
by Itsallsotiresome
Silver Consolidation 8/5/2020Silver is finally catching up to gold. It seems that the monthly pullback was on July 30-31... near the 1st of every month. The issue is that silver is how at a key resistance level. Why didn't I enter into silver yet? It's because of the dollar strength. If the DXY has a confirmed double bottom pattern, we might see a bounce in the dollar... and a possible pullback for silver. I'm very, very bullish with silver. I want to enter into it soon especially since the dollar is tanking too. Even if silver has a pullback, it's still in a consolidation phase. If it pulls back, it won't be long before silver reaches above $30. Even if you enter into silver now, in 3-6 months, you'll still end up with profits unless the Federal Reserve suddenly stops existing.
COMEX:SI1!
by Itsallsotiresome
Silver Consolidating Again 7/31/2020Silver at the 4 hour view. Silver made a pullback from its recent exhaustive move. With the dollar collapsing, silver is merely consolidating for another move up. That said, silver takes a long time for it to make moves like the last 2 weeks. Usually, silver goes through a monthly pullback near the 1st of the month. The question is, did this pullback already happen or would the monthly pullback still happen next week? Whenever silver pulls back, it's minor and mainly just to correct the valuation by commodity banks. It would be great to get a pullback to shake off the Robinhooders and chasers. That would be a prime opportunity to long silver... then play the waiting game. That's assuming the dollar doesn't bounce hard - which closed below its 11-year-old channel. I would not short any precious metal during a recession and when the dollar is collapsing. That would be an absolutely foolish move to make.
COMEX:SI1!
by Itsallsotiresome
Dollar Falls, Silver Rises 7/27/2020Well, it looks like I was wrong about silver. I heard some of my trading team members that the next meaningful resistance is just above $26. What I didn't expect was the dollar strength tanking harder than my faith in humanity. I was expecting the dollar to bounce off its 9 year uptrend support. The dollar broke through that after being saved by it for 9 years. As a result, silver is rising. Silver can be a good scalp. I'd prefer seeing a decent pullback first. I don't chase. Every time I chase, I end up getting blasted back. I'll be expecting a monthly pullback when the commodity banks start doing their month-end reporting. Granted, if the dollar finds one of the supports I drew, then I could enter into silver at the bottom of that pullback. Right now, we are in general unknown water. It's like when the NQ rose above 10,500. That's when the buying volume started drying up and people didn't know where the top was. I saw many FOMOers buy into the NQ when it reached 11,000. Terrible move. That's why you don't chase.
COMEX:SI1!
by Itsallsotiresome