I am expecting that the downtrend for precious metals has come to an end. The obvious reasons are stated in the charts. However, let me give a brief explanation.
Following are my 2 beliefs on how the precious market works (in relations to the charts):
1. Silver will turn before Gold.
2. Miners, given that they are the commercials and most sensitive and knowledgeable of the behavior of the precious metals, will turn before the underlying.
Given that AG (a silver miner) has stopped falling and that Silver has a bullish candlestick reversal on the hourly timeframe, together with hitting the Fibonacci extension target and completed 5-waves structure, it seems like this is now an excellent time to call for the turn of the precious metals from bearish to bullish.
Following are my 2 beliefs on how the precious market works (in relations to the charts):
1. Silver will turn before Gold.
2. Miners, given that they are the commercials and most sensitive and knowledgeable of the behavior of the precious metals, will turn before the underlying.
Given that AG (a silver miner) has stopped falling and that Silver has a bullish candlestick reversal on the hourly timeframe, together with hitting the Fibonacci extension target and completed 5-waves structure, it seems like this is now an excellent time to call for the turn of the precious metals from bearish to bullish.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.