Fundamentals & technicals' very supportive of Silver
A quick one on silver, I got long on Friday as a disclosure, the 4hr chart is converging and diverging and this opposing force will cause a squeeze that will launch Silver into an explosive momentum to test its highs soon, perhaps $40.
No less than 9 different divergences at Fridays candle here. (It was messy with the div. indicator. )
Further confluence on the 4hr is the recent cross of the 10ema up and through the 200ema. To be be fair the 10 dipped on about 28 Feb but to make the cross recently back over the 200 is a big play.
President Trump is of course very pro-cryptocurrency and popular wisdom says the next leg up in that space is the meeting for 'strategic reserve' which I understand is only a fortnight away.
I think Gold and Silver will take off around that time, if not sooner. A bullish week coming up for the Gold price as well and it revolves around the same opening headline above.
Have a happy and profitable week.
Silverbreakout
Silver XAGUSD is breaking out for a Long
I mentioned during yesterday Sunday, that I was very bullish on the Silver price at the moment.
It appears to breaking out right now through Tops resistance on the Mid-timeframes.
Look for a price retracement for a Long buy.
I will get a trade organised in Silver probably closer to the New York session.
Silver breaks out going into Oceania & Asia Tuesday trading!!
Thanks to a very bullish Head 'n' Shoulders pattern on 1-5M timeframes Silver has posted a very strong close. You can see here on the daily it's broken out very well compared to Gold & the Silver price still has some catching up to do following its' sell-off in July.
Silver big move after correction up to 22$Silver in comparison with gold still has it's final word, even if gold will go up, it will not compare with silvers future gains. The structure of silver's pattern since 2011 permits for such a breakout. This will probably be last chance to make significant profit from gold and silver before final consolidation. Also the wave B in depicted ABC structure might last longer, but anyways it does not change the pattern.