Silver at the weekly view.
With all the noise in silver, it's best to see it at the weekly view. Silver has entered into a downward channel. The blue line is the weekly uptrend support. Silver also has a weekly RSI resistance that will take a while to breakthrough. With the dollar strength uptrending in RSI, silver's breakout will be delayed.
Long-term wise, I'm bullish on gold and silver. You have to look at it from a bigger view. This should be a temporary pullback until the Federal Reserve gets reloaded in extra QE ammo from the next stimulus bill. The stimulus bill will likely be delayed... until politicians are worried about their own investment accounts as well.
Besides, silver needs to scare the living bejesus out silver bulls before turning around to continue its uptrend. The one thing that will stop silver is if there is no need for a stimulus bill at all in 2021... fat chance of that happening.
With all the noise in silver, it's best to see it at the weekly view. Silver has entered into a downward channel. The blue line is the weekly uptrend support. Silver also has a weekly RSI resistance that will take a while to breakthrough. With the dollar strength uptrending in RSI, silver's breakout will be delayed.
Long-term wise, I'm bullish on gold and silver. You have to look at it from a bigger view. This should be a temporary pullback until the Federal Reserve gets reloaded in extra QE ammo from the next stimulus bill. The stimulus bill will likely be delayed... until politicians are worried about their own investment accounts as well.
Besides, silver needs to scare the living bejesus out silver bulls before turning around to continue its uptrend. The one thing that will stop silver is if there is no need for a stimulus bill at all in 2021... fat chance of that happening.
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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.