$Silver – Monthly
Posted with some trepidation, as this chart may draw some flack.
Silver has to get going, and soon. If it doesn’t close above the trend line by Friday will this month’s candle qualify as a back test to a break down? Does it matter? Hi-yo Silver! Giddy up.
EDIT: Notice the huge volume these last many months. Lots of buyers, lots of sellers. Yet silver moved off the bottom in 2001, 2008, and 2016 in a relatively quiet market. Conversely, volume is high in early 2008, early 2011, and now. The first two instances of high volume were market tops.
Am not predicting or expecting a crash. Maybe a pull back. Maybe not. Still, there IS something unsavory about the behavior of silver and the miners.
flack
Duly noted.
It’s actually “Flak”. 😉
SF
Marty just put up a post Mar 25 regarding using RSI above/below 50 on the monthly for Gold.
I thought it to be an interesting post.
Check it out if you haven’t already.
GLTA
Thanks for the heads up.
I’d rather wait and see too… though I’m tempted.
Silverfox….You are the Devil’s Advocate….provocative chart.
It sure feels like silver is coiled for a large move.
Rates rising, Debt burgeoning, diplomacy decreasing… My money is on PMs. Though the charts aren’t really bullish, I’ve been surprised by Gold’s resiliency here. It’s like its sniffing out a change in the air, and refuses to wander too far from the 1350 resistance line. We’ll see.