Silver in an upward channel on the weekly chart?
Updated
Things could get interesting for silver - it started an upward channel in September 2018, and is still trading inside the channel.
If it can stay within this channel, we could potentially see a major break-out and re-test of this long-term triangle in just a few weeks, after which some long-term growth should be in the cards for this precious metal. It is difficult to see serious downside with all the loose monetary policy around and having been through a long-term correction.
Interesting to follow! :)
If it can stay within this channel, we could potentially see a major break-out and re-test of this long-term triangle in just a few weeks, after which some long-term growth should be in the cards for this precious metal. It is difficult to see serious downside with all the loose monetary policy around and having been through a long-term correction.
Interesting to follow! :)
Note
Time for an update as price broke the channel below in conjunction with gold's decline.A bullish pennant (falling wedge?) seems into play at the moment, along with the mentally relevant $15 support line:
Last night I revisited some of John J. Murphy's work on Intermarket Analysis; in my personal opinion this is a highly relevant backdrop to asset allocation right now because according to him the bond market prices downturns of the economic cycle in before the stock market does, and commodities sequentially react after the stock market does.
***NONE OF THESE POSTS ARE TRADING OR INVESTMENT ADVICE AS I AM NEITHER A N INVESTMENT ADVISOR, NOR A PROFESSIONAL TRADER. TRADE AT YOUR OWN RISK***
Note
Okay, let's do another update here.We had an around-the-apex move the falling wedge (bullish), and although the week has not yet closed, by the looks of it we now see an engulfed hammer (2x bullish), which is likely to close above the 20-week EMA (again, bullish).
There's a good probability that silver punches through its long-term resistance line during the course of next week/next two weeks.
***NONE OF THESE POSTS ARE TRADING OR INVESTMENT ADVICE AS I AM NEITHER A N INVESTMENT ADVISOR, NOR A PROFESSIONAL TRADER OR TECHNICAL ANALYST. TRADE AT YOUR OWN RISK***
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