In the short term, I'm looking for a push to 27.50 (invalidation 22.00) and 40.00 (invalidation 20.00) in the long term.
Short term:
Long term:
From April 2011 to March 2020, Silver was in a bear market. It completed what I think is a 5 waves pattern. Since then it's in a new bull market and the correction we have seen during the last 2 years are mainly because of higher rates. With inflation coming down rates should also come down. Even with such increase in rates and a higher dollar because of the uncertainty and higher rates, we have seen a relatively well supported silver and gold prices, which indicates a relative strength. When yields and the dollar comes down, it should support the price of silver.
Short term:
- Silver reached it's last low in early october around 21.00. This price range corresponds to a prior low from the previous correction (white box), an untested demand zone (green box) and the 5 years R1.
- Silver finished what I think is a 5 waves pattern down in october 2022
- Silver is forming an inverse head and shoulder
- Seasonality on silver is quite bullish from november to march.
Long term:
From April 2011 to March 2020, Silver was in a bear market. It completed what I think is a 5 waves pattern. Since then it's in a new bull market and the correction we have seen during the last 2 years are mainly because of higher rates. With inflation coming down rates should also come down. Even with such increase in rates and a higher dollar because of the uncertainty and higher rates, we have seen a relatively well supported silver and gold prices, which indicates a relative strength. When yields and the dollar comes down, it should support the price of silver.