Bright future ahead for gold and silver miners
As long as the price holds recent Oct lows, I will continue to expect it to move towards next important resistance area: 31-35-38.
Afterwards it would be ideal for price to consolidate and form a handle part of the cup with later break out above 35 pivot to confirm its intentions to move to next important resistance areas: 43-48-52
Short-term trading thesis: I will wait for price to consolidate around prior highs (preferably 29-30), providing a low risk entry point to consider any long trades.
Long-term trading thesis: Establishing a position within this potential basing periods along the right side of the cup with later breakout - all these looks reasonable for me for any positive expectations in coming months and 2024.
Important notice: Elliot waves and fibonacci retracements are a very subjective form of analysis and I don't personally trade out of them. I use them only for the purpose of gauging structural potential of any assets, that allows me to put more confidence when low-risk trading set-up emerges. Analysis and opinion doesn't pay, only price pays.
Afterwards it would be ideal for price to consolidate and form a handle part of the cup with later break out above 35 pivot to confirm its intentions to move to next important resistance areas: 43-48-52
Short-term trading thesis: I will wait for price to consolidate around prior highs (preferably 29-30), providing a low risk entry point to consider any long trades.
Long-term trading thesis: Establishing a position within this potential basing periods along the right side of the cup with later breakout - all these looks reasonable for me for any positive expectations in coming months and 2024.
Important notice: Elliot waves and fibonacci retracements are a very subjective form of analysis and I don't personally trade out of them. I use them only for the purpose of gauging structural potential of any assets, that allows me to put more confidence when low-risk trading set-up emerges. Analysis and opinion doesn't pay, only price pays.
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