SILVER XAGUSD Supply And Demand Support And Resistance AnalysisSee picture for analysis.
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SLV
$SLV Long 50 JUL callsWent long 50 JUL SLV 23.5 calls.
Nice looking chart and I like the R/R on a move to at least the top of the box. Will reduce the position there and manage on price reaction.
Mental stop just below 30 wk MA.
Nice consolidation with accumulation type buying, cup and handle with a good retrace from the JAN to MAR move, I think it's going for next leg higher.
A break above the box should expect a massive move, as this has been digesting since AUG 2020.
If calls go farther ITM may sell bi-weekly calls against them to reduce my cost basis, playing it day by day week by week.
Miners and Metals look good overall, many above 30wk MA.
Cheers
LONG SLV more upside potential than GLDGLD and SLV tend to do well during these chaotic times, with inflation sky-high, Russian attacks, and crypto still at an early stage. At the moment, I believe investing in GLD and SLV is a hedge against risk and has potential upside growth until inflation drops.
Since the Easter holiday, SLV has broken the downtrend line and found a bottom around $22.37. It's shooting for the March high (where the resistance is around 24.50)
Long GLD With rising inflation and politicals risk all around the world, Gold continues to perform as a safe haven for assets. From the TA perspective, Gold has formed a double bottom and it is breaking out late march level ($1957ish). It is aiming for a 0.61 Fib level around $2000, possibly all-time high,
Gold Trading RangeGold may have found a floor today as both MFI and RSI indicators have bounce out oversold territory. Looking at the 4H chart, the MFI and RSI indicators have been a consistent indicator this year of telling when gold bottoms.
I have started entering into gold again but I will be trading with caution as the range is small and I am looking to liquidate my positions once we reach around 1950 range. There is a wedge pattern forming and it could be bullish but it will need momentum and volume to break out past 1950.
Forewarn, Dollar is still going strong and bonds are starting to look attractive so gold may continue to get pummeled. Gold and silver will need the dollar to come down for the two metals to start rising again.
silver's secular bull is only startingsilver's 3rd wave of III is coming and will leave many behind...
$SIlJ wants lower. $8-9 over the coming monthsOn high timeframes, we seem to be continuing the trend of forming lower highs. The rejection of price at $15.49 gives me the setup I was looking for to think $SILJ is going lower.
On top of the rejection, the RSI is overbought, the moving averages on ichi are stretched with price above the moving averages giving me reason to believe price will snap back lower, and I have a hard time seeing how price gets above the cloud (on higher timeframes, there's thick resistance w/ the clouds).
I think there's good reason to believe we're heading lower here. I think price will first head down to $11.66 but being its' already been tested as support multiple times, it's weakened and price should break through that support fairly easily. Which leads me to believe the next target on the downside would be $9.44 and below that $8.32 if that support fails to hold.
Let's see how it plays out over the comings weeks/months.
Silver in the Channel Published an earlier version of this idea with more poorly drawn corridors, but it seems for the most part to be validated for the time being. I expect silver to challenge recent highs and potentially cool back down toward mid 20s once that happens (before moving up further). However it is entirely possible that once silver reaches these targets that it simply continues to tear through them - it depends on other factors, but regardless, I am LONG.
I think metals, and silver especially, will be rising moving forward both in the short, medium, and long term. Inflation is only beginning, monetary conditions are changing worldwide and the financial system is on the brink of a paradigm shift. Out with "old" thinking and in with even older thinking!
Post Script: I'm a noob here, so apologies for any miss-steps.
Gold ThesisAs usual, I have a bullish bias on gold. Fundamentally it can only increase obviously, but the question is when. I believe now is the time to invest. Not advice, just my thoughts.
Silver CFD Upward Chanel?Silver CFDs look to be in a strong upward channel, potential bounce of the lower end of this channel this morning?
Should see soon. If not, probably down for a bit, but then up considering market conditions. Not very good with the chart system here, but.. you get the idea.
Silver Breakout In The Works - Big Move ComingSilver broke out of a descending wedge, a consolidation after its February 2022 run. The 2X silver fund AGQ is looking great here with a technical breakout retest. A bullish MACD cross will likely send this to $50 + then it is going much higher with silver. Precious metals are about to have their moment as stocks and crypto sell off.
Any moment , silver will move Silver looks set for a move upwards. Its been consolidating its recent feom the lows. It remains above the 200 dma and down trendline. It looks healthy.
SLV - Time To Load The BoatWhat a superb pattern.
Since 2020 SLV proved to climb higher.
Then from 2021 we see a consolidation until September.
In November the pivot was already signaling a potential rise. And now in March we had the confirmation.
I think, after this pump in the market, it's time to load the Boat. A free fundamental sign we got as a Bonus is the inversion of the "curve".
See you later, have to load up ...
#loadthesilverboat
LONG SLV (iShares Silver Trust) - very bullish!AMEX:SLV price action is showing a strong bullish flag on the monthly time-frame. Due to the macroeconomic environment, very high inflation rates, and high gold:silver ratio, I am expecting the SLV price to break the bullish flag on the upwards side. If this happens, we can look at the following levels for taking profit:
Take profit level 1: $22.35
Take profit level 2: $24.48
Take profit level 3: $26.44
Take profit level 4: $27.80
Take profit level 5: $31.08
Take profit level 6: $33.00
Those levels were drawn in accordance to various resistance levels.
Good luck,
Your Ganbu
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Silver lags for now, wait for it...dg78 asked me about Silver... so a quick look here.
The Silver Weekly chart is lagging Gold, but does appear to consolidating since mid 2021. Trendlines are tilting downwards as price appear to be testing harder each time. Last week closed above the 55EMA on a nice looking bullish candle that gapped up and pushed to close above the 55EMA. MACD in this instance is also about to cross into the bullish zone.
Lagging Gold, but can turn up fast, like previously.
The Monthly chart shows a pennent/flag pattern with the long term target of about 41.20 in mid-2023. Noted that the retracement since the Aug 2020 top did not reach the 55EMA as a support, which can be viewed as a bullish bias indication.
Not yet ripe, but when it runs, it should run fast with much potential, IMHO...
Who said that GOLD is dead? Capter 2 #GOLD #GLD #XAUUSDBUY GOLD, ask later. Downtrend seems to have ended and gold could be able to resume its bull run into the 2022! Liquidity pool was tested already three times and they reacted, possible last retest before running up for all the year.
SImple trade, simple stop loss, great entry point. Only risk is the china bullshit, that nobody knows how it could unfold and if can damage the markets overall.
First targer 2000$
Beware False Breakouts! How To Spot Them...Investors should use basic Technical Analysis for powerful decision making. I see it as a challenge to demonstrate how useful knowledge of one simple pattern can be to identify price reversals. Recognizing this pattern and acting on it will save much money and headache!
Both traders and investors need to be on guard for false breakout reversals. Seeing this pattern in action can provide an excellent profit target, entry point, or prevent major drawdown!
In this video I look at examples in the Silver ETF AMEX:SLV , Spotify stock NYSE:SPOT , and Forex Euro/Dollar pair FX:EURUSD for false breakouts and what follows.
I am excited to make this video for my viewers and for Best of Us Investing!
Bullish Gold?
Not really - Gold would have to breakout over $1900
Last week we touched 1847 - which held, and then price dropped to about 1830
Running into a trendline which was on my chart - this trendline held. See chart at bottom.
Firstly all the shorts lined up at 1845-ish got beat today. As price worked up to the next Fib level - exactly.
I realize that many will see this as bullish as Gold went up while the markets were selling off - to my mind it was just a stop run.
Still believe we'll head lower but right with Fed meeting tomorrow - all bets are off. Its possible that they will sweep the book - go higher and then pull the rug.
You'll need expert video game reflexes to stay ahead of the Gold in next day or so.
Rather than play the futures market - I've opted for safer puts in GLD - 169 Feb 18 expiry.
I had closed my previous position for a $10 winner but it did not hit target - but honestly I took it off because of the upcoming Fed Meeting.
SLV - Safe to re-enter the fraySLV weekly chart showing a prominent double bottom with the Sept low and Dec retest holding nicely. With the long term trend line lending support, it appears safe to renter the slippery silver paper waters once again.
SLV will likely try to play catch-up to COPX (also shown) which has gained +20% since Dec 20th. I doubt SLV will post those high % gains but a 10% pop seems highly doable by months end or early Feb.
Weekly RSI and Stoch are trending upwards with plenty room to run from here. In the shorter time frames (4 hour chart - not shown) the RSI and Stoch appear over-bought on SLV and with 4 up days in row including a gap up today - will look for an entry price on a modest pull back/gap fill into Friday of this week.
Max pain sitting at $21 this Friday
maximum-pain.com
Not financial advice.
Bullish on the iShares Silver. SLV Indeed. WXY on the greater B there, then pivot, now a probable B. No definites in analyzing any market. Ever.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in green with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe!
