SLV trade ideas
SLV closing over 2016 August high of $19.71.On July 24th, SLV closing over the 2016 August high of $19.71. The next Fibonacci level (.786) is $23.48, then $26.93. On the options market, August calls for $22 was over 7000. Sept $22 calls over 12000. July 23rd, a $24/29 October call spread bought 20k in volume. FOMC meeting is July 30th and expecting jpow to say they are printing more money. Hope you all are banking on gold and silver stocks!, Have a great day! Cheers!
SILVER - EASY DOUBLEAfter breaking out of a multi-year consolidation, Silver has been trending upwards and looks on trade to fill the gap left back in April 2013.
From today's prices of ~$20, I see Silver hitting $27 soon and ultimately my first major target of $36 by the end of 2021.
If you compare this back to 2009/2010...
2009: Silver went up 57%
2019: Silver went up 80%
And guess where a gap fill puts us?
$27, which is a 54% increase this year.
This means we're likely on track to have a year like 2009. History doesn't repeat itself, but it often rhymes.
I'm long silver for the long-term, and believe that as long as we have huge federal stimulus and economic uncertainty, precious metals will continue to outperform stocks.
SLV and InflationGoing off of my previous chart on DXY, SLV showed multiple bounces off the 200MA before trading upwards in a channel, and just today breaking out with a huge bullish kicker. As the Fed may work to avoid rising inflation levels and reverse the price action of DXY, SLV ma look to fall back into its channel and fill the gap down.
