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Silver not likely to go lower than it is right nowSilver ended last week not looking so good, and it has lead to a bad start for this week too. After breaking below $25 resistance, it has held above the next level of 24.75. It is likely to retest this zone again this week, so depending when you're reading this the title of this article may not be exactly true - but I'm really looking at where silver is likely to close at the end of the week. It's looking a bit oversold. I like to look at the silver/usd chart, but when I want to take a deeper look at how silver is doing on a global scale, then I look at the silver/DXY. Makes sense, right? If you know what the dxy is. Anyway, that's the chart I have posted here. As you can see, silver has hit the bottom of an ascending wedge. These ascending wedges have been bullish for silver for the past decade at least. The price action could dip below this line throughout the week, but as long as it closes on Friday at or above this line, then it is considered to still be holding. That's great news for silver apes. The only unfortunate part about this is that by this chart... it looks like we'll have to wait a while before silver breaks above $30. Like sometime in 2022. Actually that's not that bad. Probably will be here before we know it. For people stacking for decades, that's nothin
TVC:SILVERLong
by greenvention
PMs - PLATINUM - Model ForecastModel Forecast for Platinum: - Line of Least Resistance determined for PLATINUM. - Initially, inverse correlation with stock market, but Platinum reaps the benefits of industrial use in clean energy strategies, we foresee a decline in the stock markets until EOY, and recovering early 2021. PMs' technicals seem to support this sentiment. - Interestingly, there was a consolidation and accumulation period from 2015-2019, and the automatic rally from the last sell-off in March 2020 was used as a spring to achieve new local highs, but this type of pattern typically results in a decline, once distribution has ended. See the fractal from 2008 below. - However, we are in a greater trend, and while it seems that we have entered a higher channel, volatile sell-offs can be seen as bearish, and we believe the decline will continue once the short squeezing wash-out is over and retail excess diminishes, and support will be tested before further decision. GLHF, DPT Disclaimer: We absolutely do not provide financial advice in any shape or form. We do not recommend investing based on our opinions and strongly cautions that securities trading and investment involves high risk and that you can lose a lot of money. Loss of principal is possible. We do not recommend risking money you cannot afford to lose. We do not guarantee future performance nor accuracy in historical analyses. We are not registered investment advisors. Our ideas, opinions and statements are not a substitute for professional investment advice. We provide ideas containing impersonal market observations and our opinions. Our speculations may be used in preparation to form your own ideas.
TVC:PLATINUM
by UnknownUnicorn1043646
Getting Awfully Tired of the Pet Rock - GoldEvery time gold makes a bullish Move to the upside, it disappoints. 2.70% drop today...factory orders up in the US is the excuse that is being touted...Glad I bought it, but now, honestly, just looking to dump it as other opportunities are around. Also this, that impulsive move back to 1960 will now be considered a double top on the Yellow Metal. Should have dumped in August, but I am still in healthy profit so I will most likely wait until FEB (Chinese Lunar New Year) to see where it is. I am starting to see why Mr. Buffett called it useless once upon a time...Well, glad I hold BTC and Stocks because this thing seems to be running out of gas after 5K years. Giving this one more month...
FX:XAUUSD
by JJMa
2
DOW/ Silver Ratio - Silver Set to Outperform? - Levels to WatchSilver has been very unloved of late, but if the DOW/ Silver ratio is any guide, then we very well may see a period of out performance quite soon. Provided we see some key levels taken out. Metric #1: Trendline Analyis Monthly: Basic Trendline Analysis First off let's use some basic trendline analysis, right from the outset we can see the initial move leading up to the 2000 tech peak, followed by the crash and subsequent precious metals run. The market then reversed at 2013 until today... BUT We are very close to the lower trendline and should we break below, then this would be a very bullish sign for Silver. Monthly: Potential Bull Flag That being said, the current patterns can also be interpreted in another light, because there is also a rather clear potential bull flag, so we will need to see which pattern prevails, the underlying trend is up and a bull flag is bullish, so the likely break would be up, but the global lockdowns may very well have weakened the underlying trend. Metric #2: Volatility Stop Monthly: Volatility Stop The other level to watch is the monthly volatility stop, which is still clearly bullish, but again, should we see a break below and a move from green to red, then this would be a very clear sign of a deteriorating trend. Metric #3: Moving Averages Monthly: Moving Averages The series of moving averages, from 3 to 50, are also a great indicator of trend strength. Should we see a cross of the moving averages then this would also be a great indicator of trend deterioration. Final Note: Gold I also want to contrast with Gold, given that Silver tends to lag the yellow metal. Monthly: Gold Trendlines Monthly: Gold Volatility Stop Monthly: Moving Averages Clearly Gold is in the phase of out performance to the DOW... and if Silver lags Gold, then i believe that we can see similar out performance for Silver in the not-too-distant future.
DJ:DJIShort
by Profit_Link