Silver is Close to Breaking Big Triangle Pattern
Silver is close to breaking the 665-day Triangle Pattern. Silver is oversold and undervalued now. They have tried to reduce the price in volume for 2 days, but the price does not accept below 23. From now on the only direction is up. I also expect a big decline on Gold/Silver Ratio. Downtrend on DXY to continue and gold to perform well this week which is good for silver.
- Formed Patterns : Triangle Pattern, Ascending Channel
- Scenario : Silver hits the 27.5-28 levels and begins consolidation at 25.5 levels.
- Price Target in Long Term : 44
- Support Level : 22.51-22.97
- Trend Power : Extremely Bullish
- Macroeconomic Situation : Due to the American debt crisis and interest rates will soon fall; individual investors, companies and central banks continue to buy gold/silver.
Comment:
A Triangle pattern has formed on the 2-hour chart and a Triple Bottom Pattern has formed on the 4-hour chart. Get ready!