After completing a textbook Elliot Wave Impulse pattern, followed by an ABC correction, silver is shaping up to potentially complete another impulse higher. Today's correction (seemingly related to a dead cat bounce in the DXY) seems like a good entry point IMO.
Silver continues to put on gains following a breakout from a month long downtrend.
MACD cross confirms bullish outlook, as does the breakdown of the gold to silver ratio.
Two Peaks: The chart shows a peak in early May at around 59,459 and another peak in late May at around 59,357. The heights are nearly equal.
Trough: Between these peaks, there is a low point around the middle of May, around 50,000.
Volume: Volume does appear to decrease slightly on the second peak.
Neckline: The neckline would be around the 50,000 mark, the...
Silver spot price remains in an uptrend, and has broken out of a bull flag pattern. Bullish crossover on MACD coincides with breakout from the bull flag.
Fundamentals support the case for higher silver spot price in the long term: stubbornly high inflation, large fiscal deficits, weakness in regional banks and commercial real estate (Fed will need to ease to...
