Nobody or very few people have been looking at Silver. Why? Everybody is distracted by Bitcoin and GBP pairs at the moment.
In the screencast I show that Silver is ripe for a controlled loss. Oops.. nobody wants to hear about losses - right?
I'm stalking this one carefully - having been distracted and missed Palladium.
Silver is pretty cheap at the moment....
Last week was a large range week, in which the market broke below triangle pattern support, and quickly reversed, finishing positive. This is normal. A false break will typically occur in a triangle reaching its apex. It is also possible to interpret this as an Inverse head and shoulders, with a sloping neckline.
Either way, the measured move target for a long...
- The market is sideway
- Triangle pattern
- The price broken bounding, however it is weakness.
- Tendency: Strong downward
- The price is below resistance
--> Waiting pullback--> Give signal--> Sell
In my last post on Silver I wrote that caution was required.
Now we are printing a bullish engulfing for the week - the week isn't over, but if this holds, it portends further upside.
The broadening formation over the last few weeks is bullish.
The weekly Stoch/RSI is in overbought territory, so perhaps some further grinding might be required to create some...
I spotted the AB=CD correction pattern on the Silver chart and built out this idea around it. I will post some more images in the comments which give more context, but essentially it seems that we are about to being wave 3 of 3 (a powerful impulse wave) in a bullish wave cycle. This wave cycle seems to be moving away from a long-term low, so could end up...
The above is my non-professional, long term view of gold in logarithmic scale. Given that the metal still seems to be in a phase of indecision, I will have to wait and see how this consolidation resolves before deciding on the likely long-term direction of the gold price.
Long setup for silver with negative news being released earlier today can see the pair break the .618 resistance. Once/if it does expect it too shoot up. Rising wedge put in with all the higher lows, will wait for break and possibly add to position.
Price recently broke out of long tern channel which was soon retested resulting a bounce. Price has stalled at shown level of major resistance a number of times, however higher lows are being put in showing pressure growing. Will enter long once level is broken. Will give good risk to reward too.