First Majestic Silver Corp Bullish Potential.The top silver stock has aggressively broken above a +2 year bearish Channel Down on 1W (RSI = 79.546) and showcases significant long term bullish potential. If a new Channel Up emerges on 1W then the Buy Zone is within 7.00 - 8.00. If the 1W Resistance break out aggressively then again the bullish potential will be even stronger. In both cases we will be going long.
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Si1! (Silver Futures)
XAGUSD: Approaching the Sell Zone.Silver has had a hyper strong 4 day streak with 1D extending the Channel Up towards the 16.200 1W Resistance. The price is now trading on the most optimal long term Sell Zone. Short term traders can target the 15.550 4H Support while can extend to 15.000 and even lower depending on future fundamentals.
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XAGUSD: Important Resistance ahead. Trade accordingly.Silver broke above the 1D bearish (Lower High) trend line (dashed) effectively ending the medium term downtrend. 4H was currently rejection on the first major Resistance test (14.800 - 14.840). Failure to break this may result in a drop back to the accumulation zone (TP = 14.400) but a break above 14.840 should see Silver testing major 1D Resistances (TP = 15.300).
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XAGUSD: The only Buy Opportunity before the return to the bottomSilver is now trading around the 0.5000 Fibonacci retracement level on 1D with the chart being oversold (RSI = 32.316, STOCH = 18.561, STOCHRSI = 7.542) after the continuous decline since last week. This is the only level that we may see a rebound as if it doesn't hold the danger of a full pull back towards 14.000 is significant. We are long, TP = 15.470.
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DXY XAU - Relationship - SeasonalityI was using these charts to explain to a friend where the price of gold could be heading depending on USD course of action. Maybe someone will appreciate them. :)
I'm considering 1282.XX, today's low to be the bottom unless DXY breaks above the long term descending trendline. Started buying in around this price.
XPTUSD I bought at $836 along the same theory.
XAGUSD I'm holding out a little longer to $14.90 - $15.00 range.
Silver [SI1!] Weekly Timeframe: Need to break 200 Week MAHi all,
Silver has been on a nice run since the double bottom bounce off the centerline of the descending channel back in Nov 18' causing a rally over 16%.
There was a breakout of it's descending channel on Dec 31st 18' marking the first time it has sustained meaningful trading outside this trajectory since July 2016! For Silver to go full bull mode with its counterpart Gold it needs to first break above it's own 200 Week MA. It got rejected once and now is in a profit taking pattern. We will need to watch this closely because a sustained break above it's 200 Week MA would mean a likely retest at 161.8% extension from Nov lows.
If things reverse it would be very bearish signal for Silver to fall back inside it's descending channel . So we would want to see silver bounce off the 38.2% Fib extension if you're looking to go long. If you're a bear you want to see a sustained break back inside the channel and then shorting just under the 38.2% extension as there is lots of air down to the Nov 18' lows.
Regards,
Bobby
Silver: Aiming at the next Resistance. Bullish.Silver is close to crossing through its previous High and being on a strong (RSI = 69.203) but stable (MACD = 0.030, Highs/Lows = 0.0739, B/BP = 0.0990) 1D uptrend, it is expected to test the 1W Resistance at 16.200, which is our long TP. After that is will most likely enter into consolidation on a similar candle sequence it traded on during the first 6 months of 2018.
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The uncanny similarity between Bitcoin's & Silver's bear marketsThis is another self explanatory chart that examines the common features between Silver's bear market since the near $50 peak and Bitcoin's current bear market since the near $20000 peak. The frames are on a different time scale but serves best the purpose of this comparison.
Common features:
Descending Triangles on both that broke down to a lower level followed by an immediate minor rally. This is as far as Bitcoin goes as the next candles are yet to be unfold. On Silver this minor rally only served as a bull trap as it has since led to a prolonged and frustrating long term bear market, from which it hasn't yet recovered. Will Bitcoin share the same fate? That remains to be seen.
SILVER Double Top Expected.end of January target is $15.91;
let's see if we can hit it. I'd like to see higher, but not likely in the short-term. I'm expecting not to break $16 this intermediate cycle; but very likely in the next one: come end of February to mid March, I think we then break resistance after a decent pull-back.
Why Silver's bubble hasn't reached a long term bottom.This is a simple study for investors who want to take a long term position on Silver, making use of Jean-Paul Rodrigue's Stages of a Bubble.
Although the "Fear" and "Capitulation" staged last longer than the theoretical pattern, the similarities are obvious through Silver's Bubble phase. It is also more likely that the "Despair" phase hasn't been entered yet and that the metal will continue to decline in the coming years 3 - 4 years until it starts returning to the "Mean".
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