Corrective move met resistance at 16.49 pulling back ideal target to break even is 38.2% retracement 16.29 (to minimise risk) target 50% retracement to cover all - intraday
Looks to keep grinding up, at least for another 6 months in this rising wedge. You can't trade between silver and gold, but its certainly worth taking a look at the key support/resistance. On the break of this rising wedge, I might consider trading some of my physical gold bullion I've collected over the years for silver.
Out of interest I made this chart for further purpose. left hand: XAGUSD 5y chart (Silver) right hand: XAUUSD 5y chart (Gold) Silver has a nice rendezvous in June 2015 - interesting to watch for. HOWEVER As gold is the driver, it could be a non-event tho'. Indeed XAUUSD has not this kind of convergences on the chart.
Gold is showing signs of an intermediate term downtrend, whereas silver has no signal of further continuation of the downtrend it began since the commodities boom in 2011. The Silver/Gold ratio chart also shows an interesting level in effect, and a possible bottom, meaning it might be time to exchange our gold for silver... As a sidenote, the usdollar/dxy chart...
I noticed that Silver can potentially put in 2 smaller advanced patterns, especially if price action decided to consolidate. I got a question on the USDCAD chart I posted the other day about trading a technique that we used to call the "Aggressive C" I said it was a horrible idea for the most part , but this would an example of a situation that would make sense...
XAGUSD seems to be forming Wolfe Wave 4-5 towards 15.50 triple bottom support level. Target TG can be set at 15.75 with stop SL above 18.50.
Only volatility released to the long side now
Miners didn't follow metals the last few days
Technical view, no QE speculations. SLV has reached: 200 DMA; resistance at 18.685; 61.8 retracement of last downleg. Downtrend is still intact, 200 dma still falling. Enough to enter short for pullback to 16 level, where could be decided if trend will proceed or reverse, but under yearly pivot the odds favor downtrend.
i will be interested to take longs on both Gold and Silver on the break of dotted trendlines on daily chart, i will watch the price action near this trendlines prior to the entry . Silver: Upper Chart Gold: Chart below
Close to the trend line, with a confirmed reversal along with RSI breakout. Stops are placed slightly below the previous candle.
Silver already broke out of its daily downtrend line. For more than a month, it has been building a daily bottom but still couldn't really breakout of the 16.5 resistance zone. On its way, it must pass the 16.2 minor resistance zone. 17.5 and 19 are my extended target levels for the potential bullish move.
The low of 13.997 could be considered as completion point of this bullish crab since the PA came so very close. The Price is on $17 and T1 is 18.24. Pay attention to almost overlap of 61.8 retraces as perfect confluence on T2 20.86
The platinum/silver ratio indicates right now that silver will likely be the best precious metal to buy at the start of 2015 if all metals start rallying like in January 2014. Please see my previous ideas on silver and on the silver/gold ratio to see why this metal in particular has caught my eye lately. If you're bullish on precious metals right now, give...
***Please note that this chart is of the Silver/Gold ratio, not the Gold/Silver ratio as is indicated on the chart. Apologies for any confusion. The Silver/Gold ratio hit a very familiar zone that is worth taking a note of before the start of 2015. While gold is still above this year's opening price (it did briefly fall below in November), silver has gotten...
Given the dramatic short squeeze at the beginning of the month, price action suggests that silver might be set to rally further as 2014 comes to a close. Most silver traders have already taken note of the long term trend line that seems to have been hit on the 1st. I had initially identified this trend line as being around the $13.50 level (this week's low was at...
The dramatic silver rally we saw at the start of the week was likely thanks to a short squeeze as there was really no reason to see such heavy selling pressures in Asia on Monday morning. The market set it's week's lows at a long term bullish trend line extending from 2003. I had initially thought that this trend line was somewhere around the $13.50 level. I'm...
On a technical basis, silver has reached a key intraday resistance level on the 4H chart – the 200 EMA. Currently, price action has been subdued with the last four approaches have been rejected. This resistance point has “supportive” resistance in the form of a descending trend line that began October 15. A close above these key resistance points could offer a...