Silver not likely to go lower than it is right nowSilver ended last week not looking so good, and it has lead to a bad start for this week too. After breaking below $25 resistance, it has held above the next level of 24.75. It is likely to retest this zone again this week, so depending when you're reading this the title of this article may not be exactly true - but I'm really looking at where silver is likely to close at the end of the week. It's looking a bit oversold.
I like to look at the silver/usd chart, but when I want to take a deeper look at how silver is doing on a global scale, then I look at the silver/DXY. Makes sense, right? If you know what the dxy is. Anyway, that's the chart I have posted here. As you can see, silver has hit the bottom of an ascending wedge. These ascending wedges have been bullish for silver for the past decade at least. The price action could dip below this line throughout the week, but as long as it closes on Friday at or above this line, then it is considered to still be holding.
That's great news for silver apes. The only unfortunate part about this is that by this chart... it looks like we'll have to wait a while before silver breaks above $30. Like sometime in 2022. Actually that's not that bad. Probably will be here before we know it. For people stacking for decades, that's nothin
Silversqueeze
Silver holding the lineSilver, which has been hit this on Thursday, made a comeback right after this quick selloff. This quick recovery might be seen as a confirmation of the bull market in place since last year, as the deep has been bought quite quickly by investors.
This set up seems particularly positive for the months to come, in this reflationary recovery in which silver would play a role as a monetary metal (a store of value), as well as an industrial one.
Alien metals in a very positive set upAlien metals (UFO) after an 8-month correction seems to be about to turn up again judging by:
- A momentum turning up
- A reverse head and shoulders pattern
- A price above the 50-day and 200-day moving averages
- A positive Ichimoku set up
Knowing that last year's up leg ended up with a multiplication by 30 of its price, before correcting, UFO could this time once again become a very profitable investment for anyone long junior silver miners.
Expect AG (Silver) To Go Up Silver is approaching key levels of support. As a result, I'm expecting AG to bounce off of this critical level of MONTHLY support in the coming days to weeks ahead. If there is no immediate bounce off the level, you can then expect some consolidation before it takes off to the upside.
Gold-to-bitcoin ratio: Cup and Handle forming?In this gold / BTC chart you can see a bottoming formation and even the beginning of a cup and handle. It's too soon to tell because we only have the cup so far, but it wouldn't take much beyond expected market activity to form a nice little handle on there. There is already a handle on the other side, so perhaps a better name for this formation would be a grail... or... THE HOLY GRAIL (because it's made of gold). Funny freudian type i just made (and corrected), the "HODLY" grail. Anyway, best of luck to you all.
BTW if you want to move smoothly between btc (or eth or usdt) and physical gold, silver, and a few different fiats (usd, eur, gbp) all on the same reputable platform, then check out this reddit post: www.reddit.com
Which silver stock? $AG or $PSLVAG and PSLV are both popular silver stocks that more or less track the spot price of silver. PSLV cannot be shorted as each share is backed by 1/3 of an ounce of physical silver. Meanwhile AG can be shorted, so let's look at this chart of AG/PSLV to get an idea of what short sellers are up to. At the beginning of the month it looks like short sellers got scared after the wallstreetbets headway with GME, and the rumors of setting their sights on silver. You can see the spike in the chart where the shorts relinquished their positions, sending a spike up on AG. Afterwards talk of silver was basically banned on wallsteetbets and short sellers moved back in. Now that the spot price continues to show massive support, the AG shorts seem to be sluffing off again. I'd say they're both great buys, and AG might see more upside movement in the short term. But will AG paper silver survive the squeeze as comex fraud is exposed? In that case PSLV might be the safer bet. Note you will need something like 30k shares to take delivery from PSLV, but at least it is an option and will more likely retain it's stock value in the event of a major unwinding of derivatives. This is not financial advice.
What is this strange Reverse Semi BART pattern in #Silver futs? Almost like a machine, we seem to get repeated instances of these strong drops, followed by flat trading, and then a jump back up to the start level.
I call this the reversed SEMI BART pattern, as it is not quite as flat and defined as we got used to seeing in Bitcoin, but still has some of the hallmarks of the pattern.