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Topic: Silver flags (Read 2099 times) previous topic - next topic

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Re: Silver flags
Reply #45
Silver is looking to make a move soon and probably up. BB's are pinching reflecting lower volatility with the lightly up trending price action. Recent volume trend since the early August highs has been down to abnormally low levels now. MACD curves are positive and RSI is trending up. WRT the regression channel drawn from March lows, price has stayed above the lower boundary, something I consider positive as it suggests the rapid price recovery remains in a very steep up channel thus far.



Re: Silver flags
Reply #46
For Entertainment Purposes Only.

Re: Silver flags
Reply #47
PM's have been frustrating recently and could get more frustrating. there is a potential bear flag being painted on the silver chart and as shown on Ed's chart above, 50DMA has rolled over but still bull oriented with the 200 DMA. There is still horizontal resistance around $26. While the up trending bear flag is being painted the volume continues to trend down. Who knows what might happen with the election.

Then there is the positive, BB's are pinched and turned up, RSI is generally trending up, and MACD looks positive. Also very encouraging to me is the price continues to trace above the lower regression channel boundary drawn from the mid March lows, an indication that the mid to long term steeper up trend continues. I am still convinced we have a monster bull market to enjoy, it is just frustrating waiting for it; after all, I want my patience and I want it now.


  • ken
  • [*][*][*][*][*]
  • Global Moderator
Re: Silver flags
Reply #48
With all the turmoil of the elections comes political instability which is good for metals.

Re: Silver flags
Reply #49
One possibility
For Entertainment Purposes Only.

Re: Silver flags
Reply #50
Verge of a BO
For Entertainment Purposes Only.

Re: Silver flags
Reply #51
Looks like a BO above $24.50
For Entertainment Purposes Only.

Re: Silver flags
Reply #52
For Entertainment Purposes Only.

Re: Silver flags
Reply #53
I am a little optimistic wrt silver. the regression channel from the March low is containing silver front month  price meaning it is still within the steeper up channel, barely. Since the September swoon, it has been in a slow up biased base building trend on slightly increasing volume.  The swoon on the election announcement coupled with the vaccine announcement did not attract outsized selling volume suggesting the metal is migrating to stronger holders. The month long bear flag shown in magenta has run its course and while early, it looks like the anticipated down draft has also run its course, but the down side is one could argue another bear flag is being painted. BB's, RSI and MACD are not hollering for a big move either way but fundamentals are. I am not a fan of the phrase 'green shoots' but it seems we have some. Just before bursting into print with this post, I took a position in 2023 FSM leaps.


Re: Silver flags
Reply #54
$24.50 looks like a good pick for silver horizontal resistance and the up trend line is near that value so resolution should come soon. PM'a are entering a seasonal traditionally bull period from November through January. I hope Ed is correct with his thought that above $24.50 should be a silver break out. We should know by Thanksgiving or before.




Re: Silver flags
Reply #55
It looks like silver is painting another bull flag with a confluence of potential support at around $23 with lower BB, horizontal  support, and regression channel drawn from March lows. One discouraging factor wrt the regression channel is that slope constantly flattening with the constant posting of low silver values diluting the influence of higher values at the chart middle. MACD and RSI are benign and volume suggests there is not much interest at the moment. I am still encouraged but a bit frustrated that PM's are not reflecting the malfeasance in monetary and fiscal policy.




  • ken
  • [*][*][*][*][*]
  • Global Moderator
Re: Silver flags
Reply #56
I am still encouraged but a bit frustrated that PM's are not reflecting the malfeasance in monetary and fiscal policy.

For myself I am a little puzzled that political turmoil hasn't caused a run to safety!

Re: Silver flags
Reply #57
It looks like silver is painting another bull flag with a confluence of potential support at around $23 with lower BB, horizontal  support, and regression channel drawn from March lows. One discouraging factor wrt the regression channel is that slope constantly flattening with the constant posting of low silver values diluting the influence of higher values at the chart middle. MACD and RSI are benign and volume suggests there is not much interest at the moment. I am still encouraged but a bit frustrated that PM's are not reflecting the malfeasance in monetary and fiscal policy.



Meant painting a 'bear flag', not bull flag

  • ken
  • [*][*][*][*][*]
  • Global Moderator
Re: Silver flags
Reply #58
Pelosi Nominated For Fourth Term As House Speaker is the headline, the result was a spike in silver...

Re: Silver flags
Reply #59
Here is a very bullish PM article suggesting silver to start a move to $36 by year end and gold to around $2250 around march or April next year after a flat end to this year. I do not know about the amplitude, but I think the trend is correct and I believe it will start before the end of the year. Time will tell.

https://www.thetechnicaltraders.com/adapting-dynamic-learning-shows-possible-upside-price-rally-in-gold-silver/