The resistance held a little more downside to go to the up trend-line then I expect it to form a inverse head and shoulders/cup and handle like pattern and breakout above resistance to new highs. Long term any weakness in silver is a buying opportunity it is way undervalued in every aspect.
Bitcoin broke out of the downtrend and is bullish for now.
Its unlikely to runaway to the upside being this overbought. So scenario 1 we have a dip to a new uptrendline and resume bull move. Scenario 2 we dip and backtest the breakout and it holds. Scenario 3 we backtest breakout a fall to new lows. I think scenario 2 is most likely with that being said in any scenario it is not an objective time to buy you want to buy at...
Bitcoin broke out bullish from downtrend with a nice little bottoming pattern, however it is overbought if I was trading this I would wait for it to fall back to trendline then buy the dip. There is a small chance it was a false breakout however you must respect new bull trend. With that being said just because bitcoin is bullish now doesn’t mean it has good...
We saw a ton of extra buying in gold specifically over miners and silver so I would expect more upside in those, however remember these metals and minors are long term buying opportunities. Bullish developments on miners and silver near support very little downside left.
Silver likely to make a bullish move soon
Gold metal appears to have more downside but minors which have uncharacteristically underperformed Gold are nearing strong support and bottom of trendline and are forming bullish bullish cup and handle.
Gold technically looks like it may have more downside; however, miners and silver are looking bullish nearing the trendline for a bullish reversal. Especially with the trade deal signing tomorrow that won’t meet expectations these will likely be bullish.
Metals overbought and we are likely to get some downward to sideways trading for a while in Gold made a new high at 1610. We will see likely another Gold high at around 1650-1750 after Gold shakes the overbought conditions.
Bitcoin is not a safe haven it doesn’t hold up any of its promises and we are near the top of the range, if you disagree feel free to comment and I am willing to debate anyone on the fundamentals of bitcoin.
Short opportunity down to the trendline as of right now it looks like a buy the dip opportunity unless trendline breaks then we are looking for a bigger pullback.
My portfolio is GDX, GDXJ, Silver, Gold which have averaged a bit over 25% since jan 2019. Gold and Silver will outperform all asset classes through the next 3-5 years they have not outperformed everything in 2019 US tech has went up 49% and bitcoin 100% however this is going to change. Bitcoin is in slow longterm downtrend never going above 14k again, US stocks...
Gold Officially broke out as you all know Silver will outperform Gold but they will both be moving up. As I said bull flag on long term charts. No one else is saying this but interest rates will be 0% at the end of 2020 The FED will be buying even more bonds back at a faster pace than in 2019 Do not believe the 2% Inflation lies, Inflation by the 1980s method...
Silver is undervalued in relation to Gold so Gold will lag behind here. Both are extremely undervalued in long run.
Potential brief pullback because we are at upper end of trend line but stocks are headed north. If you want higher leveraged returns for short term buy TECL (US Tech 3x leveraged bullish) or SPXL (S and P 500 3x leveraged bullish). When the market does turn and I don't recommend buying these now unless you're day trading TECS, and SPXS are 3x leveraged bear funds.
I said in my previous ideas on Gold and Silver that they were going to get hit for a few weeks to months but this was a healthy correction on the road to new all time highs. On the weekly and monthly charts we have formed a bull flag/bullish falling wedge and the price action is now bullish. I recommend you buy Silver over Gold because Silver is significantly more...
You're welcome congrats to those who bought when I said too. The Euphoria will continue for awhile, and I will get you out before the market turns.
This market is a bubble, but qe and the FED are bringing this market higher. Continue to buy the dips on this market. To short this market is a bad idea it is betting against the printing press. I told you guys the day before we were going to have a brief pullback on daily charts congrats to those who capitalized. This market is going to continue to move up so...