Just giving a shout out for the silver chartI think I need to re-visit something I wrote on the 17th January on the Silver market, at the time silver was trading at 23.04…. to my eye it looks even more interesting now, it has finally started to lift off the 21.17 pivot and the obvious targets are the highs around 28/30 seen back in 2020.
This is what I wrote in January…’ I was chatting to a techie friend of mine (Thomas Anthonj) last week and he told me to have a look at the gold/silver ratio as he suspected that it has completed the 5th wave of an Elliott wave count, so this morning I took a closer look and yes, I think he is right.
In addition, the market has remained capped on the topside by its 200-week ma at 82.10 and we also note the divergence of the weekly RSI . This is a measure of momentum and divergence normally indicates a loss of upside momentum.
Given that we both think the gold/silver ratio has topped, this would suggest that gold will underperform silver . So, is silver the better bet for an up move? I took a look at this on both the daily and weekly charts and was reasonably uninspired but when I got to the monthly chart this was looking a whole lot more interesting!
The market has spent months consolidating just above the 21.17 long term pivot and looks to be base building longer term. So, we suggest that silver is a market that needs to go on the radar we suspect as this should see a decent recovery off such solid support.’
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