Gold Update: Wave 5 up could be extended to hit 1921-1965The wave (4) has been completed as per the plan (see related).
The wave (5) could be extended and of the same size as wave (3) and it can hit the all-time high and even higher level of 1965.
SIL
Silver to retest former top of 21.13This is an updated map as we saw silver dropped into the abyss below the range.
Overall structure remained unchanged as it is still a flat correction although the right valley was established low than the left one.
The market is consolidationg within wave B of (Y) and it can dip between 14.23 and 13.24 into the blue box of Fibonacci retracement area.
After completion the upside move would resume to tag the former top of 21.13.
The wave C then should unfold at least 1.618x of wave A within (Y).
The silver was the game changer as previously I thought gold completed upside and should reverse.
Silver Breaking DownThe technical story in #silver: Full backtest of breakout from 2016 falling trend line. Last gasp for bulls. 200WMA broken. Break here targets 14.20 & likely retest of 2015 low @ 13.62. If that fails, could see 8 handle. Good luck getting physical in that scenario. $SLV $SIL
Silver coming into support zoneThe 17.45 area in #Silver has been a key area of support/resistance since early 2018. Price is now approaching falling support of the bull flag that started in early Jan. Price should find support here. If this area doesn't hold it could be a quick drop to ~16.90. $SLV $SIL $SI_F
XAG/USD Price Action Analysis | The Next Leg DownSilver is consolidating in the main Trading Range after creating the Distribution Schematic. A visit to the Range High in order to gather the enough fuel for the next pullback to the below of the Range, is the trigger for the short position.
Entry: 17.49
SL: 18.01
TP-1: 16.51
TP-2: 15.66
R/R: 3.52
Please let me know if you have any suggestions or any ideas to add. I can also give you more detailed explanation for this specific trade setup.
The ideas published here are not financial advices.
Silver miners are looking good.2 possible counts.
The green count seems more likely because I see 5 wave subdivisions within the larger waves. We just reached the 1:1 fib extension and if we can continue upwards through there, our chances improve that this trade continues upwards.
Breakout will be confirmed if we reach $11.60
Silver correction could be over. It could tag the former top.Silver could have completed the simple abc zigzag correction to accumulate another bullish momentum.
Watch breakout both of the trend line resistance and 50 on RSI.
LONG CDE - Company just broke out of a 8 year down trendCDE is a great buy here as the stock has broken out of a 8 year down trend starting in 2011. CDE has lagged other silver miners slightly during these recent silver breakout ().
They are optimizing recovery and costs at current claims and have a great deal of exploration and potential for new claims in the works. They have suffered from aggressive short selling as of late - see: fintel.io , but this should just fuel a spike in the stock as Silver moves to its next resistance point of $17.30. Technically resistance at $5.20, then $5.75.
Gold/GLD Weekly Chart Video Shows What to Expect NextThis is my first video on Tradeviews and I'm still learning the software but I wanted to give it a try and share my overall analysis for what you should expect next in gold.
GLD GDX GDXJ JNUG NUGT SIL SILJ
I share my daily pre-market video each and every day before the market opens on my website
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GDXJ signal rally today from oversold gap down to strong reboundExpect miners to gap lower and rip hgher all session based on pre-market price spike signal I always share!
Gold should fall to this support level before bouncingThe US Dollar is poised to rally back to near $97.50 as this recent downside price swing ends. We believe the US/China trade talks and North Korea deal with result in a strong upside potential for the US Dollar and the US stock market as time progresses.
A certain number of industry analysts are starting to announce the recent December 24th lows and subsequent rally as a “new bull market”. We have been suggesting to our followers that this market has lots of room to run as a continued global capital shift takes place. We do expect some price rotation over the next 3~5+ weeks in certain sectors – including the US stock market and Gold. We believe the US Dollar INDEX:DXY strength will continue to push higher, above $97, with the potential to reach near $99 before the end of this year.
Silver. Short Opportunity. Target 12-13.66Silver market was undermined with a notorious Flash Crash occurred last summer.
The chart structure was spoiled but at the end of the day if we have enough patience
to wait until dust settles we could see the clear picture again.
I spotted for you both the blue downtrend and the yellow triangle pattern in the wave X on the chart.
It looks like we can gain from the last drop down to the previous low at the 13.65 or even lower to the downside
of the downtrend to the area of 12 handle.
The RSI indicator can't raise its head above the waterline beyond the 50 level and it favors the short.
The invalidation level is set at the finish of the wave "e" of X at the 17.70 level.
The minimum risk/reward then is equal to 2 and is healthily asymmetric.
Silver finds support at $16.2Silver finds support at $16.2. COT futures data show that the Commercial Trader Short/Long Ratio is down to 1.23. This is a strong buy signal. The COT data can be seen on barchartdotcom and goldseekdotcom. Since USD has shown a lot of strength recently, it is reasonable to cost average smaller positions into this over the next 4-8 weeks. I am long 1 silver future and will open a half position in USLV in my 401k today.
SLV is a 1x long etf. USLV is a 3x long etf with an average volume of 2.9 million shares so it is highly liquid.
Silver has broken its downtrend lineCOT data show that the commercial traders have closed a significant fraction of their net short position. The commercial traders short/long ratio is 1.74. I would prefer it to be closer to 1.5 but it may be there when Fridays report comes out. The large speculators have mostly capitulated. I went long one silver future this AM and will open a half position in SIL in my 401k.
Silver breaks its downtrend lineSilver breaks its downtrend line. I will open a half position on SIL in my 401k and go long an XAGUSD future in my margin account on a pull back in the 5 minute chart.
Gold breaks its downtrend line. See COT reports.The COT data is very important for traders to understand. Go to barchartdotcom. In the upper left, click on futures. On the left, click on commitment of traders. In the center right, click on gold. The middle graph shows the positions of the commercials (gold miners, banks, swap dealers = bullion banks), the larger speculators, and the small speculators. The lower graph shows producers, swap dealers, managed money, and others. When you slide the mouse over the futures curve, a popup shows the COT data for that week. The commercials are called the smart money. Try to side with them. They rarely go net long on gold futures. They are either making gold (producers) or are buying gold (banks). When their net futures position is near zero, that is a strong buy. Gold can take weeks to turn up and this may not be the bottom yet. The Blees score is a calculation which you can find on the web. Look at chartwatcher's gold charts from the spring of 2016. I went long on a gold future last night. I was already long on GDX and SIL in my 401k. The last time the commercial shorts were this low was January, 2016.
Silver is turning up off its daily downtrend line. Silver is turning up off its daily downtrend line. I am long one future and went long on SIL in my 401k yesterday. If it can break up through the resistance, the daily upswing usually lasts 10-20 trading days.
This is a 15 minute chart.
Silver Update. Reversal Targets 23.10The price finally confirmed the reversal breaking above the resistance.
We got small correction on lower time frame (wave b).
The yellow zigzag shows the anticipated path.
Now the metal aims at 18.28-19.98 according to Fibonacci projections.
Then we should see the larger correction.
And then another leg upside, probably the final before the huge drop down.
Utlimate target where the large Y = large W = 23.10
