SLV
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Silver - Next PlayChecking back in with Silver $SLV. If you saw our previous charts on Silver, both Gold and Silver have been on bullish runs this year. SLV seems to be consolidating at the moment and wouldn't be surprised to see a bullish break on this pennant pushing to the $34 levels.
We'll be keeping a close watch on this one. Looking for confirmation before entering. Good zone would be a breakout and $26.50 buy in with a 2% trailing stop loss.
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Gold & Silver Long Biases Remain (HOLD)My bias remains long for both Commodities and I will continue to add positions on drops like today.
$GDX (+18.47%) + $SLV (+53%) {HOLD}From two original buy signals given here on my profile linked below.
$SLV in a symmetrical triangleAnother bullish setup for $SLV. It had a huge runup the last few weeks and I see this consolidation leading to another expansion.
SLV Weekly trend holding bullishDespite some recent, expected volatility, SLV is holding a bullish trend on the weekly. It needs to finish above $24.90 to continue this trend.
Also bullish, it held and bounced well off it's support. See my other charts to see important support levels.
Silver Regular Pattern. SLV XAGUSDPatterns patters, but is it a trend , a predictor or just a market swing?
Perhaps a short squeeze?
Flight to safety?
Perhaps hedges?
TBD!
watch 25.63 for a market move up again!
Silver XAGUSD analysisThe recent changes in Silver and it's new support levels.
We'll see simple support & resistance at the indicated arrows.
Breakouts or Pullbacks will be based on Market Strength and Vaccine News!
Gold may lead changes followed by Silver and Miner stocks.
Upside breakout will by at marked support prices.
See daily trends for the projections for dates/options expiration...
RENKO's follow Prices and not Time!
Silver levels show Long Term Bull PricingDay trend in pricing still show strength.
Days trades still show some support and resistance levels are valid.
We'll see more squeeze/consolidation before breakouts.
Pullback will be expected short term.
Watch Gold/Silver ratio for more buy/sell signals!
GOLD-SILVER RATIO TREND GOLD AND SILVER TREND SIGNAL
Gold-Silver Ratio Uptrend Gold and silver in Uptrend Buy Gold
Gold-Silver Ratio Uptrend Gold and Silver in Downtrend Sell Silver
Gold-Silver Ratio Downtrend Gold and Silver in Uptrend Buy Silver
Gold-Silver Ratio Downtrend Gold and Silver in Downtrend Sell Gold
SLV Silver Trust UpdateNot much has changed or invalidated count yet. Still projecting to around ~23.75 but was expecting lower in this move based on other moves. Still watching out for a more bearish scenario.
SLV - More upside than downside - Strong supportSilver has been resilient, yet still dropping slightly as the DXY struggles at best to stay afloat trading near .94
Fed continues to print = falling Dxy = rising silver. Still extremely tight phys supply in US will keep silver prices supported and elevated as the price fluctuates due to Dxy
There is strong support for from April 2013 and Aug/Sept 2013 at $23.88, as well as some recent support on the 4 hr at the same level.
4Hr chart shows SLV hitting the 50 SMA right at $23.88(ish), which further affirms strong support at that level.
THE WEEK AHEAD: GPS; SLV, GDX/GDXJ, XOP, IWM/RUTEARNINGS:
GPS (37/82/17.0%) is really the only earnings announcement that interests me from a volatility contraction perspective. Pictured here is a September 18th skinny short strangle, which was paying 2.03 as of Friday close.
EXCHANGE-TRADED FUNDS SCREENED FOR IMPLIED >35% AND WHERE THE OCTOBER AT-THE-MONEY SHORT STRADDLE IS PAYING >10% OF STOCK PRICE:
SLV (50/61/17.4%)
GDX (22/47/14.1%)
XLE (21/37/11.6%)
GDXJ (19/55/16.7%)
EWZ (18/45/13.2%)
XOP (14/49/14.0%)
Juice as a function of stock price resides in SLV (17.4%), followed by GDXJ (16.7%), GDX (14.1%), and XOP (14.0%).
BROAD MARKET:
QQQ (23/28/8.2%)
IWM (23/29/8.4%)
EFA (17/21/5.6%)
SPY (16/22/5.8%)
IWM/RUT is where the premium is, relatively speaking, followed by the QQQ's.
DIVIDEND YIELDERS:
XLU (18/22/6.8%)
EWA (18/22/7.8%)
EWZ (18/45/13.2%)
IYR (17/22/6.9%)
EFA (16/22/5.6%)
SPY (16/22/5.8%)
HYG (15/13/3.3%)
TLT (14/16/4.6%)
EMB (11/10/2.8%)
Brazil ... again?!
Gold: Head & Shoulders$XAUUSD (4 hour chart): head and shoulders pattern. I believe gold will drop to the trend line in the near future, which should provide a great buying opportunity. My target box is noted in pink.
I'm not a professional or analyst. Just seeing what I see, and sharing it with you.
$GLD $IAU $SLV $XAUUSD
SLV Silver Trust updateStill looking for a bottom in wave C. It seems to be lagging in count behind GLD right now. Also watching out for a setup for deeper correction
EXK FIb - Waiting for next move up for silverEXK is playing the Fibonacci game well on the daily and other time frame charts. Patience is key here knowing that silver is inevitably going higher between now and January. If you're holding EXK and waiting for $5 (which is not far off), the rewards will be fruitful, and $7 price range is not far-fetched due to silver's demand. Everything is pointing towards a silver rise.
As CV19 subsides, miners are put into action, Fed keeps printing as they promised yesterday, dollar keeps rising, CV19 starts to abate, inflation keeps rising., inventories in the US are dried up, wholesalers are unable to receive deliver until January or February, etc. ...On every metric silver has nowhere to go but up. Scotia Bank was just fined for manipulation of silver markets so this will spook other banks and make them think twice. The near future is looking very bright and positive and EXK has way more upside than downside.
I added to my position today, and will add on any future drops if any. See my other charts for SLV.
Gold - Bearish Descending Triangle???Looks like a possible descending triangle pattern. If that is validated, then gold may still be in correction.
$SLV breaking out of the triangle in a week This triangle formed perfectly on the resistance level and is about to explode soon. Good loading timing would be tomorrow until early next week and likely to see a significant change in a week or so. Play safe but expect to see a break above the previous high!
Silver waves - more correction?Silver still looks like it could correct some more as I don't see a 3 sub-waves for wave C. However, could be a running flat and ready to take off again.
GOLD waves - End of correction?Has gold ended its corrective wave and looking to make move up or is there more correction to come?
DXY, Gold, Silver and Channels. Wait it out.For those concerned about $GLD $IAU $SLV going up long term, look at this as a multi-day/week event. It will go up, but it likely needs to pull back more first. It's not news/media that's pushing this down, but rather simple mathematical Fibonacci trends and channels that are following through. $DXY (the US dollar) will continue to rise until it either hits the top of its trend line or the edge of the channel. Gold ($XAUUSD) and silver ($XAGUSD) will continue to fall until it does. Sure, there will be micro-ups... but my personal recommendation is to wait until Gold gets to the bottom of the channel, and DXY gets to the top.
I'm not a professional or an analyst by any stretch of the imagination. This is just what I see right now.
