Silverlong
SLV adhering to Fib levels, strongAs we can see on the 4 hour Fib SLV is playing nicely with it's expected levels. There's a gap to fill to 26.48 so as long as the metal keeps moving up, expect SLV to fill the gap relatively quickly and then move onward to the higher levels we've recently seen, and beyond. (see link for other chart)
As for the sharp drop we had last Tuesday and it's near V recovery, this is a VERY CLEAR indication this was price manipulation to cover shorts by the big banks who are losing control of silver's price. Look at how quickly silver recovered from that drop. We're at the point to where the attempts to largely control the price is getting weaker and weaker due to the many factors driving silver up. Staying strong, not conceding/selling the dips, but rather seeing these dips as a gift of a buying opportunity is how I'm playing this, and it has paid off nicely.
To see resistance levels above $26.48 please see link to chart published on Aug 5th as well as my last analysis on Aug 11th which provided guidance on support levels for the last dip which SLV consequently bounced from.
XAG/USD: LONG trade setupit is about to turn extremely volatile. but the destiny to take this one uP
SLV - 7 weeks of higher lowsZooming out on the weekly SLV seeing 7 weeks of higher lows along with seven weeks of higher volume. As long as we close out today with a higher ow, we're looking good into next week. These minor pullbacks or not only bullish and necessary, they are gifts.
Bullish Recovery on Silver/USDDespite a strong CPI Report, we see a nice recovery on Silver today along with Gold futures. We recovered slightly, consolidated into a bullish pendant and broke out for today's gains. Long term, I still see silver and gold as alternative currencies along with bitcoin.
Current trend is riding tightly over the 13EMA and crossed the 20/50 SMA
Long SILVER --- TIMES x2Long SILVER --- TIMES x2
4h hour turning around, this thing going to fly back to high 60's 70's soon. Look at the 4 hour changing the top indicator ROC back to green as the bar is printing first.
Every dip bought. Beautiful time to long Silver
SILVER - Correction was due, Rally is still healthyRSI 50 neutral level bounced back signaling that the uptrend pattern is still intact
Silver on its way back up (cont.)Silver’s larger overall Elliot impulse wave started in mid-March, and I believe we just completed wave 4’s correction. This overall trend is noted by the blue Elliot impulse wave in the chart. I took a guess and put the end of this impulse at $33.54. It just seems like the support and resistance levels line up well here when considering the chart dating back to mid-March, and so does the 2.618 Fibonacci extension level of more recent patterns. This is purely a guess though, I have no way of knowing where wave 5 will end up.
Within the overall pattern are smaller fractals of Elliot waves that I have labeled yellow for impulse waves and white for correction waves. I have June 15 as the date that the most recent 12345 Elliot impulse wave started and the Aug 6-7 peak as the top of wave 5. It looks like wave C of the correction just bottomed out, and the silver is climbing back upwards. This is between the 38.2% and 50% Fibonacci retracement levels of the overall chart (the blue line, dating back to mid-March). That means that right now is an excellent long-term time time to buy silver.
I do expect silver to continue to be bullish. The effect of scarcity in markets cannot be overstated. We know that central banks are very good at creating fiat currency out of thin air. We know that alchemists have thus far been unsuccessful in creating precious metals out of thin air. When we speak of the price of silver (or any other commodity) in terms of fiat (usually the US dollar) we are comparing an element to a fiat currency that is being created out of thin air at an ever increasing rate. And, if we think of price as a function of the relative scarcity of one thing to another, it’s hard to imagine how the relative value of the elemental metal won’t increase.
And what about demand? Silver is an essential part of solar panels and the electric circuitry of things like cell phones and other electronics. 5G? Electric cars? Solar powered homes? Smart homes? If you think those are going to be ever-increasing aspects of our daily lives, then you should have no doubt about silver’s outlook from a demand perspective.
And so, I do think that silver will continue to remain bullish relative to fiat. I do believe that the current price will be looked back on as a low, and a great opportunity to buy. And, yes, I do believe we will soon enter another bullish Elliot impulse wave. You’ll look back and brag about how you bought silver back in August 2020.
Silver is on its way back upLooks like silver just finished it’s correction. Going to post two charts here. This chart is zoomed in on what’s happening right now where silver is turning the corner. In the next you will see that this fits into a larger pattern of Elliot waves and Fibonacci lines.
Silver forming a small cup and handle on the 30 min chartSilver has formed an accumulation pattern on the 30 min chart and it shows up on the larger 1 hour timeframe too.
SLV support levels - OpportunitySLV currently sitting at strong support from 2011, 2012, 2013, with a big gap down to next major support level at $23-ish.
As long as Fed keeps promising to print money and dollar continues to look weak in the long term, I am loading up here. This pullback is very bullish and much needed, shaking out the weaker players.
Bullish Garley Pattern on Silver ?Just testing a potential harmonic pattern on Silver that may play out.
This one is called A bullish Garley Pattern, where price forms an M you get your High followed by a lower High before a pullback and then price shoots up again.
So if this trade were to play out following the Bullish M pattern we should see a price pullback to the 50 Fib level before the next run up.
Also trying out the Gann fan to see if price follows the 1/1 level that it has been testing the whole way since the initial bullish pump we have seen.
Silver moving in the shadows again... OANDA:XAGUSD
Hello friends, just a quick outlook on silver for the current situation don't forget to like/follow this idea and check my previous ones. I have followed silver since it was at around 17, it definitely paid off to research it. Since I am researching price correlation, Silver is a perfect example for Gold.
One thing you may notice with silver is that it certainly has cleaner moves than his older sibling gold. Do not under estimate silver as it moves quietly away from the hype. So many people were asleep on it and missed the huge jump from 17 to just shy of 30!
Now as we play catch-up let's wait for the best position possible before doing anything. Trade responsibly and as always this is for educational purposes not financial advice.
Silver - Key StructureKeeping my eyes on silver, I will be monitoring how price reacts at the key structure zone marked. If we manage to see a break above the zone I will be looking for a buy from the re-test into the highs of 32.50. If we see continued rejection from the zone marked I will look to ride the small downtrend into the 26.50 level. Higher time frame candlesticks are all mostly bullish so it is not wise to fight the trend unless it is short term until price shows us different.
SILVER - UpdateThe breakout call was accurate and saw an explosive rally (see link to related ideas).
Price is currently consolidating.
Gold - Very Long Term Pitchfork LevelsThe rally was successfully called (see posts below).
Next Objective Around $2200-$2300/oz Gold and $33-35/oz Silver.
Afterwards, an objective of $3000/oz Gold and $100/oz Silver.
Silver Run on Liquidity We saw a run on stops in February this year as silver raided stops into the liquidity pool below $12.
The next raid happen this week as price broke above the $20 closing a short stops.
The next liquidity pool we should see price run to is the liquidity pool above $36 catching swing traders out who have the stop above these equal highs.
We should see a larger move higher above $50, as physical silver is very rare commodity that is used in industry and electrics.
With the gold silver ratio needing to narrow further, and with economic stimulus by governments around the world running rampant, we will see higher prices in silver.
Looking back to old charts and buys SILVER still lot of room I bought on 4th of September 2018 my first physical silver, since then we are currently up 92%, and yet there is much more to come. Free money printed by goverments everywhere, we have atleast 3 more months of absolute shit growth ahead of us. GL to all.
DO NOT SHORT ANY MARKETS
