Silver Almost Ready To Run

50% Retracement @ 21.09
200 Day MA @ 20.98
200 Week MA @ 21.43
Strong horizontal support between 21.30 and 21.10
Broken Downtrend (blue line) @ 20.97
Weekly 6 RSI @ 31
Daily 6 RSI @ 16

There is so much support in this area. RSI on daily and weekly has room to run. Looking for a long from here to ~28.50

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Komentarz:

Taking longer and going deeper than expected
Potential fake move below the trendline
Still holding my position

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Highly likely that at least a temporary low has formed

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Nice price action to close the week
Back above 200 and 10 Day MA
Looking at the Gold-Silver-Ratio its time for silver to outperform again
Expecting a good run in the coming weeks

Komentarz:

Tough day, waiting for rest of the week to decide wether or not to close position
Gold probably gonna test recent lows, 19.65 possible on silver

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Watching this red uptrend, could als tag 19.36 area = weekly lower bollinger

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Turbulent week, holding my longs, gold made higher low and higher high, silver stuck between red and blue trendline for now and lagging hard, GSR up 11 weeks in a row, pivot is overdue

Komentarz:

Gold-Silver-Ration turn finally arrived
Expecting this move to hit the red downtrend of this triangle before pause
Next week FED obviously important
This move is still very young Silver Day 4 Gold Day 10 - There is plenty time
Only worrisome are the weekly opening gaps, they will get filled eventually

Komentarz:

Almost at first target, but air getting little tight here trying to regain that former distribution zone
tough to ignore that wedge, needing a decisive move

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Right at the trendline, great run so far, one could take partial profits here
it looks like gold is making a pennant, which is often a mid-point consolidation
if gold really is only at mid-point of its upmove ATH could be tested, then silver to $26
silver has been outperforming gold as expected but ratio will have to bounce a bit soon
silver day 14 gold day 20 since lows still some time but short term correction will come eventually

Komentarz:

Move is getting mature, short term correction becoming more likely, still would like to see gold test ATH, which would be an easy exit on silver
In the intermediate term silver likely to hit 30, one now has to decide wether to hold through short term correction or sell, risk losing once position and look for re-entry
For me its the later, if we get a daily close below 24,63 (previous high) i sell, still giving silver the chance to run even further
Those big spikes (up or down) in the beginning of a week are often tricky, market needs time to digest them, with tomorrows NFP there could be a trigger event for sell or more buy for that matter

This was a great run silver made ~25% in a little over 4 weeks so far

Komentarz:

Likely topped

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