SLV
SLV and other random thoughtsLooks like a little higher yet for SLV. Here are my humble (and often wrong) thoughts on what might occur in markets for the next month. assetdesigncenter.blogspot.com Feel free to comment here or on my blog. Thanks. Have a nice weekend. Stay safe.
Silver Gearing Up for Next Leg Higher: Flag Target $19.70Been busy with life lately so my posts have been less often. Nevertheless, I do always keep an eye on the charts and when I spot something that requires a post I deliver. This morning I want to talk about the Silver. Remember when Silver outperformed Gold a few weeks ago? Well based on what I am seeing on the chart that may happen again in the coming week(s)! Let's take a look at the Silver chart.
Bull Flag
The everything rally continues on and next up in the rotation may be Silver (again). Since reaching its breakout peak on May 20th, Silver has been consolidating within on declining volume. The chart below is the 4-hour chart and it shows how price is consolidating above its 20 SMA. Check the strength of the CMF. Money is piling on into Silver.
Further illustrating the point made on the 4-hour chart is the daily chart above. Here notice how price is resting on a combination of 200 SMA and 10 EMA support. CMF also remains positive.
Above is perhaps the most exciting chart of all. If this bull flag is confirmed, the target price is approximately $19.70. Look how the flag target matches perfectly with the high Silver posted on September 4, 2019.
Silver is looking like a smart play heading toward the end of the week. Trade Silver with confidence. Bias: Bullish .
SLV - Plata BullishAsí veo la plata. Continuando al alza. (Ojalá :p) /That’s the way I see Silver (slv)..
$GLD / $SLV Resistance Now Support - Bullish for $Gold$GLD / $SLV Resistance Now Support - Bullish for $Gold
Risk-Off Would Equal a Big Bounce for Gold/Silver RatioWhile we have a $50 target for silver by the end of 2021, we fully expect it to get smacked in risk-off environments given its importance to industrial activity. When investors are optimistic, silver trades like copper; when they're scared, it trades more like gold. It's had a great run here and while we fully expect to see the ratio get back below 80 in time, gold should outperform silver in the very short term.
$GLD / $SLV Resistance Now Support - Bullish for $Gold$GLD / $SLV Resistance Now Support - Bullish for $Gold
Gold is running ahead of Silver and that means, silver has to play catch up.
Both gold and silver have nicely broken out of the wedge/triangle pattern and are slated to go higher.
You can see from Chart that Gold has gone up way ahead of Silver , leaving a wide margin for Silver to play catch up. At current price, I think it is still cheap and it has a good long term bullish chance to rise higher.
Silver Destined to Break Multi Year ResistanceWhat a time to be a trader...and what a day! U.S. markets gapped up and held their gains throughout todays session after Moderna, Inc. reported positive phase 1 results of a potential Covid-19 vaccine. Could it really be that simple for the bulls? It'll be interesting to see how the market reacts when the Fed Chair Jerome Powell speaks at a scheduled Senate hearing tomorrow. Perhaps the Dow rips another 1000 points or maybe, just maybe the long side is getting too crowded? More on this on upcoming posts. Today, I wanted to go over Silver .
It's Happening!
Yes, we told you so! More than a week ago we mentioned how Silver could potentially begin to out perform Gold in the coming weeks. Well, it has! Already out performing Gold by nearly 10% since last Thursday. Sure, Gold is up significantly over the last year but, the reason why I am so excited is because Silver could just be getting started. Want the proof? Let's take at some charts below.
Above is the daily chart of Silver. Currently Silver is getting rejected off a six month cluster of resistance. It wouldn't surprise me if price took a breather before heading higher. RSI is approaching overbought levels, so any price action higher would lead to bearish divergence potentially requiring resolution. Stacking bids at the support highlighted would serve as optimal entires.
Next, is the weekly chart of silver (see below). Notice how I have't updated resistance #1 . Yes, we broke above it, but we haven't had confirmation of support. This will likely end up being support but in trading you never take things as 100% certainty.
I also added a comment in between stating that the current range silver is trading within could be considered a no trade zone. What I am getting at is not to FOMO . Be smart on your approach. Let price consolidate and provide us with clear entries. With that said, if Silver does continue to rip higher, a daily close above the resistance #2 which coincides with a major descending trendline could be a breakout entry. Of course, practice good risk management by using stops.
The most bullish signal in more than a decade may be on the monthly chart below.
Above, you'll see the last two instances when Silver was either at or crossing the 20 SMA and experienced a bullish MACD cross within the positive territory. Yup, It's happening again! Will history repeat itself? I am betting that it will. Bias: Bullish .
More than Silver
Alternatives to buying Silver are ETFs and also silver miners. I'll be touching up these stocks in upcoming posts.
Have a great evening and happy trading!
SILVER: potential bearish ABCD pattern. Retrace almost DONE!SILVER: potential bearish ABCD pattern. Retrace almost DONE!
Define stops according to your risk profile.
SIlver (USD)- Monthly chart. Must break out of downslopping chanSIlver (USD)- Monthly chart. Must break out of down-slopping channel (pink).
Sadly, hasn't even retraced past the 23.6% Fib Retracement from the 2011 highs.
Silver (USD)- clearly has a lot of work to do to recover from the blow off top of 2011.
Silver (AUD)- Monthly chart. Forming Double bottom.Silver (AUD)- Monthly chart. Potentially forming a Double bottom.
Note over head resistance (yellow line)- 4 failed previous attempts.
Yellow line also coincides with 38.2% Fib retracement from the 2011 highs. So a very important line to break to complete Double bottom.
BREAKTHROUGH The iShares Silver Trust (the 'Trust') seeks to reflect generally the performance of the price of silver.Silver exchange-traded funds (ETFs) closely track the price of silver and are generally more liquid than owning the precious metal itself. Like other precious metals, silver ETFs are favored by investors seeking a hedge against inflation or a safe haven in times of market turmoil. Their Stock chart value said to bullish $15.3. Silver now a days potentially in demand This market is just so fantastic.Wanna Know More About Bullish Strategy READ MORE:
